As of December 12, 2015 - Fannie Mae (FNMA) will roll out its new HomeReady program that is aimed at credit-worthy buyers who need that extra flexibility on debt-to-income ratios, down-payments and the sources of the funds they intent to use for down-payments and for monthly payments.
For example, if you have been living at your parents' home or in have been renting, you've gotten student debts and have not saved much for a down payment, or you need to include some of your close relatives to live with you and contribute towards the monthly mortgage payment. Or you need to be able to count the rental income you received from a boarder who rents a room in the house as part of your monthly income - enter the HomeReady program. The program offers the following:
Find out if you qualify here.
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