Fannie Mae recently announced its new HomeReady mortgage that will replace MyCommunityMortgage, Fannie’s previous affordable lending product.  This new product will allow both first-time and repeat homebuyers to purchase a home using HomeReady with a down payment of as little as 3%.

The latest product is designed to help creditworthy borrowers with lower and moderate incomes access to an affordable, sustainable mortgage.

“HomeReady will help qualified borrowers access the benefits of homeownership with competitive pricing and sustainable monthly payments,” said Jonathan Lawless, vice president for underwriting and pricing analytics at Fannie Mae.

Read the full story here.

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