Major change to mortgages this summer

HomeReady-mortgage-Homereadymortgage.com_By James LaDue | credit.com

Fannie Mae announced back in October that it wants to simplify the mortgage lending process for lenders and borrowers alike. Those changes are about to take effect, so here’s a quick brush-up on what to expect as you begin the mortgage approval process.

The mortgage giant has been steadily working toward widening lending standards in a stringent mortgage market. It previously launched HomeReady, a home loan program that lets low-income borrowers, among other things, include incomes from consumers who will be living in the home but not on the loan (such as a parent) to meet underwriting requirements.

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