Fannie Mae is changing a regulation that could mean qualifying many people borrowers to become homeowners.
The agency announced this week that they're overhauling their HomeReady program to allow underwriters to consider the income of a co-habitating, non-borrower when calculating the debt-to-income ratio, a key metric in qualifying a potential home-buyer for a mortgage.
This change could greatly expand opportunities for minority home-buyers, according to the agency, where there is often income from members in multi-generational households.
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