Washington, D.C. — The Center for American Progress issued the following statement on the announcement from Fannie Mae of a new affordable lending product for people looking to buy a home. The HomeReady mortgage product offers flexible terms and conditions to creditworthy, low- and moderate-income borrowers and borrowers in low-income communities.
Julia Gordon, Senior Director of Housing and Consumer Finance at the Center for American Progress, said:
CAP commends Fannie Mae for responding to concerns that it has not fulfilled its charter and done enough to serve all markets and all populations in recent years. This revamped product is aimed at enabling more families to access homeownership and build wealth in a safe and sustainable way. Flexible, targeted mortgage products that are appropriately designed and underwritten have a track record of success. The new HomeReady product incorporates important features to reach under-served populations and extended family households, such as simplified pricing, low down-payment requirements, recognition of non-borrower income, and homeowner education.
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