17-19: Release of HomeReady, Home Possible Programs and 75 Day Best Efforts Commitments

17-19: Release of HomeReady, Home Possible Programs and 75 Day Best Efforts Commitments

May 05, 2017

PennyMac is pleased to announce the release of Fannie Mae’s HomeReady and Freddie Mac’s Home Possible programs along with expansion of the Best Efforts program to allow a 75 day commitment period.

 

Effective with all commitments taken on or after May 22, 2017, the aforementioned product updates will be available.  Program highlights include:

 

Fannie Mae HomeReady

  • Up to 97% LTV
  • 50% DTI maximum
  • 30 year-fixed rate term only
  • Reduced MI coverage
  • Flexible income sources are allowed, including income from boarders and household members who are not a party to the note
  • Cash-on-hand as an acceptable source of funds
  • Required homeownership education or counseling

 

Freddie Mac Home Possible

  • Up to 97% LTV with Home Possible Advantage
  • 50% DTI maximum
  • 30 year-fixed rate term only
  • Reduced MI coverage
  • Flexible income sources are allowed, including income from boarders
  • Cash-on-hand as an acceptable source of funds
  • Required homeownership education or counseling when all borrowers are first-time homebuyers

 

Please see the HomeReady and Home Possible Product Profiles for complete details.

 

Commitment Availability

 

 

 

*For bulk commitments, please identify respective programs using the following convention: HomeReady, Home Possible, or Home Possible Advantage

 

75 Day Best Efforts commitments will be available on the rate sheet and selectable in the Correspondent Portal.

 

Rate Sheets

 

A sample of the updated rate sheet will be posted to the PennyMac Portal after 6:00 PM (PT) on Monday, May 8th, 2017.  Sample rate sheets will be available for download shortly after the email notification is sent from ‘PennyMac Correspondent Pricing’ <donotreply@pnmac.com>.

 

Note:  Sample rate sheets are intended for communication only.  Rate sheets posted the following business morning will be effective for new commitments.

 

 

Please contact your Sales Representative with any questions.