Fannie Mae Makes Mortgages More Accessible

Hawaii is slightly under the national average with respect to home ownership largely owing income disparity. Lower and middle class residents own fewer homes. In 2015, Fannie Mae created  HomeReady a federal program that has  a lower mortgage insurance requirement. The mortgage insurance is cancelable when the loan reaches 80 percent loan-to-value, a factor that is unique to the product. The program also requires a three percent down payment, meaning one can finance up to 97%.