This week, Fannie Mae announced the launch of HomeReady, an expanded mortgage program that will offer credit access to an audience of borrowers previously excluded from its MyCommunityMortgage program. Under HomeReady, both first-time and repeat borrowers with lower incomes and limited funds for a down payment will be able to qualify for a mortgage with reasonable monthly payments and a down payment as low as 3 percent. Fannie Mae says the new program, which will replace MyCommunityMortgage, is a win-win for lenders struggling to appeal to a changing demographic of homebuyers and for borrowers who need a more flexible mortgage product.

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