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Major Loosening of High-Balance Conforming Standards; MyCommunity 2.0
Wednesday, September 30, 2015
Fannie Mae is initiating what it is calling an "enhanced affordable
lending product it has named the HomeReady mortgage. The new loan is a
reconfiguration of its My Community Mortgage (MCM) which it brought on line in
2001 but which has gradually morphed, from an underwriting standpoint, into a
more traditional kind of loan.
The company says it has taken MCM and redesigned and
enhanced it, targeting the loans to low-to moderate-income borrowers and buyers
in designated low-income, minority, and disaster-impacted communities. The HomeReady mortgage is a standard product
available to all Fannie Mae lenders with no special approvals required.
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