Business News

Video: HomeReady Mortgage Benefits Lake Mortgage Customer

By Housing Industry Forum Staff | April 7, 2016

Video: HomeReady Mortgage Benefits Lake Mortgage Customer Lake Mortgage has been eager to share news about Fannie Mae’s HomeReady® mortgage with customers since the low-down-payment product became widely available through Desktop Underwriter®.

“I felt HomeReady mortgage would be a good match for us,” explains loan officer Michael Conley. “Many of our customers are at or below 80 percent of the area medium income. So they might make about $69,800 annually, or $29 per hour.”

Lake Mortgage underwrites mortgages averaging $145,000, he says.

Phil Sajn, 31, was a good fit. He was fully employed, with a strong credit history and credit score.

HomeReady allowed Sajn to put less down on a condo and hold onto some of his savings, for “peace of mind.” Sajn also appreciated the Framework homeownership education course he completed as part of the HomeReady mortgage process.

Our video recounts Sajn’s journey in his own words.