Fannie Mae updates HomeReady to make it even easier to get a 3% down mortgage

(RECAP: Now nearly one year in, Fannie Mae announced changes to its growing low-down-payment program in order to expand access to credit for more borrowers. HomeReady mortgage replaced MyCommunityMortgage, Fannie’s previous affordable lending product that launched the 3% down program at the end of 2014. When the 3% down payment first began, it required at least one co-borrower to be a first-time buyer, but with the adoption of HomeReady last August came the option for both first-time and repeat homebuyers to purchase a home with as little as 3%. Now, Fannie said a further update expands the program to expand access to credit and promote successful homeownership.)