A brand new mortgage product
August 25, 2015
Big news today in the homebuying world: Fannie Mae has introduced a new mortgage product for low- to moderate-income borrowers that requires them to complete an online homebuyer course powered by Framework.
With this groundbreaking mortgage product, called HomeReady, Fannie Mae is making a strong statement about the importance of empowering homebuyers with education.
In its announcement, Fannie Mae noted that Framework's online homebuyer course, by both preparing homebuyers for the buying process and providing post-purchase support, “will put HomeReady borrowers in a strong position to succeed in homeownership.”
“This is the first time homebuyer education has been so thoughtfully and significantly integrated into the mortgage process,” said Framework President Danielle Samalin. “Framework believes education is the first step to successful homeownership. With HomeReady, Fannie Mae is giving the industry a big push in that direction. We’re excited to be a part of it.”
Lenders might be excited too, thanks to more flexible rules on borrowers’ incomes: “We are also confident this mortgage option will create business opportunities for lenders serving the changing demographics and borrower needs seen in today’s market,” said Fannie Mae.