Fannie Mae Announces Temporary HomeReady Enhancement

Today, Fannie Mae published Lender Letter LL-2024-01, HomeReady Product Enhancement, communicating a temporary enhancement to our HomeReady® product. This enhancement includes a $2,500 loan-level price adjustment credit for very low-income purchase borrowers that can be used for down payment and closing costs. This credit will be effective for loans delivered into MBS with issue dates on or after March 1, 2024, to February 1, 2025. Please refer to the Lender Letter for additional information.

For questions, please contact the Fannie Mae Investor Help line at 1-800-232-6643, Option 3, or by email.