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

05/05/2017

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

 

 Release of HomeReady, Home Possible Programs and 75 Day Best Efforts Commitments

 

*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’ <Send email to ["donotreply"].>.

 

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.