Fannie Mae is making big changes to its mortgage program for low- to moderate-income households. Based on the new census information these new guidelines should be much more accurate in today’s financial marketplace and help many families receiving outside financial help.
Home Ready is the name of the new program, and it is scheduled to start in December 2015. The program has revised guidelines to allow lenders to qualify borrowers by including income generated by non-borrowers living in the household. This new non-resident borrower status is the case with many extended families. This new guideline will provide the ability to use the additional income for qualifying to assistance many homeowners receiving financial help from outside their homes.