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Fannie Mae HomeReady Updates

New Penn Financial is pleased to announce the following updates to the Fannie Mae HomeReady product.

New Penn Financial is pleased to announce the following updates to the Fannie Mae HomeReady product.

A brief summary of all changes are outlined below.  Reference to the New Penn Financial HomeReady Product Profile located on the Loan Programs page should be made for all specific details.

Eligibility Matrix

  • Updated maximum DTI to 50%
  • Updated maximum LTV to reflect high-balance loan amount eligible up to 95% LTV/CLTV

2.1 Loan Limits

Removed reference to high balance limits as ineligible

2.2 Eligible Loan Terms & Programs

Updated with High Balance Loan Products

5.1 Income

 

  • Updated to include requirements for amended tax returns
  • Updated to alternative to W2 transcript requirement when borrower is wage earner and receives direct deposit. Paystub, W2’s and bank statement(s) verifying direct deposit from paystub may be used in lieu of W2 transcripts.
  • Removed Non-Borrower Household Income being acceptable as a compensating factor.

 

6.2 Qualifying Ratios

Updated to reflect maximum DTI of 50%