In order to prevent another housing crisis, the government immediately must cease the HomeReady™ mortgage program that provides a loophole for irresponsible borrowers to circumvent sound lending guidelines, details of program below:
HomeReady™ is a mortgage program created in December 2015. It's backed by the U.S. government via Fannie Mae and available via most U.S. lenders.
Via HomeReady™, households in lower-income neighborhoods and in minority-heavy areas can get easier access to low-downpayment mortgages at today's current rates.
HomeReady™ allows a downpayment of just 3% on a home and permits the "income pooling" for all of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan