1. Great Lakes Indian Association
Fannie Mae
Great Lakes Indian Association
Ho-Chunk Hotel
Baraboo, Wisconsin
August 14, 2018
Working Together to Make Affordable Housing a Reality
for Your Community

2. Agenda Who Is Fannie Mae and What Do We Do What Is Duty to Serve
Who Are Fannie Mae’s Partners
Efforts and Outreach
Fannie Mae Mortgage Products
HomeReady Benefits and Eligibility
Research Project in 2018
Next Steps in 2018
How can tribes partner with Fannie Mae?
How can we help and contact information
Prepared by: Kellie Coffey

3. Who is Fannie Mae? Founded in 1938
A leading source of non-government financing for mortgage lenders, so that they can enable Americans to buy and rent homes
A United States government-sponsored enterprise (GSE), similar to Freddie Mac but different from HUD, VA or USDA Rural Development
Single-Family Duty to Serve Team Update

4. Who Is Fannie Mae? Fannie Mae’s mission is to expand homeownership.
Fannie Mae is dedicated and committed to expanding homeownership in tribal communities and overcome barriers to provide capital on tribal lands.
We firmly believe that our housing finance system can and must do more to ensure that all homeowners have an equal opportunity to obtain affordable mortgage financing.
Among AIAN households in tribal areas, there is a strong and as yet unmet demand for homeownership.
Options for mortgage financing are limited due to land complexities.
Prepared by: Kellie Coffey

5. Why Homeownership?
Homeownership creates stable housing and is fundamental to good health, educational achievement, employment stability and many other basic needs.
For American Indians, it is that plus so much more; a home on your ancestral lands equals family, celebration and feast.
Homeownership is a cultural, spiritual and emotional connection to the home, the people and the land.
Single-Family Duty to Serve Team Update

6. Where does Fannie Mae fit into the home-buying process?
They borrow money from a lender. . .
The House
People who want to buy a house
Mortgage Lender
They went to the bank, signed a bunch of papers, borrowed the money, and bought the house.
The house costs $200,000. They have $6,000 (3%) for the down payment, so they need to borrow $194,000.
. . . and then buy the house . . .
View in presentation mode
. . . and then each month they send mortgage payment to the bank.
Home-Buying Myths Debunked | June 24, 2017

7. Yes, it will, and Fannie Mae helps solve this problem.
Where does Fannie Mae fit into the home-buying process?
The bank just loaned $194,000 from its reserve. What if it wants to do another loan? And another loan? And 1,000 more loans? And 50,000 more loans? At some point it will run out of money, right?
Yes, it will, and Fannie Mae helps solve this problem.
Mortgage lender sells loans to Fannie Mae
Speak to our popular product: 30 year fixed
Mortgage Lender
We provide funding to mortgage lender
Home-Buying Myths Debunked | June 24, 2017

8. Prior Work in Indian Country
Fannie Mae’s first formal effort with tribal communities began in 1994 – we committed to purchase HUD-184 and USDA RD 502 guaranteed mortgages on tribal lands;
Fannie Mae Foundation partnered with First Nations Oweesta Corporation and others to develop a culturally appropriate consumer financial skills curriculum—Building Native Communities: Financial Skills for Families;
Fannie Mae’s American Dream Commitment included an investment to serve families on reservations and trust land and to expand our network of partnerships to include tribes; provided over $30 million in Native American housing investments in 1999, serving over 265 households, including 16 conventional loans;
In 2003, Fannie Mae invested more than $18 million with the Raymond James Indian Country Tax Credit
Prepared by: Kellie Coffey

9. What Is Duty to Serve?
In December 2016, Duty to Serve regulation was implemented to ensure that Fannie Mae continues to provides leadership to facilitate a secondary market for and to improve the availability of home financing for very low- to moderate-income families in three underserved markets:
Manufactured Housing
Rural Regions and Populations**
Affordable Housing Preservation
**Rural Populations include American Indians and Alaskan Native lands
Prepared by: Kellie Coffey

10. What Is Duty to Serve?
Prepared by: Kellie Coffey

11. Who Are Fannie Mae’s Partners?
State Housing Finance Agencies, banks, mortgage lenders, and small financial institutions
Native CDFIs
Tribes and TDHEs
Bureau of Indian Affairs
Native American Housing Coalitions
Government Leaders
Tribal Advocates
Prepared by: Kellie Coffey

12. What is a Fannie Mae Advisory Committee?
In March, 2018 Fannie Mae established an advisory committee with Native American Community Leaders represented:
Center for Indian Country Development
Native American Indian Housing Council
Two (2) Native American CDFIs
Responsibilities could include providing recommendations and strategic information, evaluating performance of an activity outlined in the Rural Housing Plan, serving as an advocate to promote Duty to Serve, assisting in the future development of the Plan, and gathering and presenting material when necessary
Prepared by: Kellie Coffey

13. Fannie Mae Announces $100 Million Low-Income Housing Tax Credit Fund The Raymond James Affordable Housing Fund 11 L.L.C. will focus on Hurricane Harvey impacted markets, as well as rural markets and Native American housing, by backing multifamily projects in these underserved areas with funding for rehabilitation and construction.
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

14. NAIHC strengthens homebuyer education for Native communities with the Support of Fannie Mae The National American Indian Housing Council (NAIHC) has updated and re-launched its widely-used “Pathways Home” course to help Native American home buyers overcome the unique complexities of homeownership on sovereign tribal lands. Completed in collaboration with Fannie Mae, with contributions from the San Manuel Band of Mission Indians and federal grants, NAIHC’s effort aims to address a homeownership gap and broader economic challenges in American Indian communities.
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

15. Fannie Mae Mortgage Products
Purchase
Refinance
Rehabilitation of Existing Units
Community Second (Second Mortgages)
Construction to Permanent Financing
Manufactured and Modular Housing
Let Talk about a Few of These Products in More Detail
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

16. Fannie Mae’s May 2018 Selling Guide expands our Community Seconds Provider Option Fannie Mae support homeownership opportunities by allowing Native American tribes and their sovereign instrumentalities to provide grants or Community Seconds loans to borrowers. These funds are eligible to cover all or part of a down payment, closing costs, and/or property renovations. Why is this important? Not everyone can be a provider of these funds. Community Seconds mortgages permit Fannie Mae lenders to leverage these funds to finance a down payment and/or closing costs 5% over the value of home or 105% CLTV, thus helping more families achieve homeownership.
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

17. Down Payment and Closing Cost Programs - Community Seconds
Community Seconds mortgages permit Fannie Mae lenders to leverage limited public, non-profit, and employer funds to finance a down payment and/or closing costs, thus helping more families achieve homeownership.
For most Fannie Mae purchase loans, no minimum contribution from the borrower’s own funds is required on one-unit properties.
A Community Seconds loan may provide the necessary funds for all or part of the down payment, closing costs, and property renovations.
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

18. Benefits of Fannie Mae Mortgage Products
Important to diversify the mortgage product; provide options to members
Ease of Doing Business (Tribes and Lenders will have Fannie Mae Dedicated Staff);
Less paperwork; more streamlined process; loan does not have to be submitted to HUD for additional approval
Fannie Mae recognizes and respects the tribal court system
Possible to customize the product based upon individual tribe’s community/culture need
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

19. Benefits of Fannie Mae Mortgage Products
No mandatory 1.5% upfront or annual guarantee fees
CLTV up to 105% with community seconds including Manufactured Housing; Down Payment Assistance funds from the tribe are considered community seconds
Flexible underwriting criteria i.e. 50% DTI to Qualified Homebuyers
Boarder Income from roommates in a single-family property occupied as the applicant’s primary residence is acceptable
Homebuyer Education is mandatory and plays an important role
Provide servicing support and follows the standard loss mitigation waterfall method; options to resolve delinquency
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

20. Standard Manufactured Housing (MH)
Fannie Mae invests in manufactured housing loans to serve its mission of expanding affordable housing by providing liquidity to a market segment that is crucial to many Americans.
MH offers a low-cost alternative to site-built homes for millions of American households, especially in high-cost and rural areas.
We define a “manufactured home” as a dwelling that is built on a permanent chassis and installed on a permanent foundation system.
Fannie Mae purchases mortgages secured by manufactured housing titled as real estate via our approved lender partners using our standard MH underwriting guidelines.
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

21. Future Work Under Duty to Serve – Manufactured Housing Titled as Personal Property (Chattel)
Manufactured housing titled as personal property (chattel) makes up the majority of manufactured housing in the U.S. However, financing options are limited and the market is faced with numerous challenges, including:
The lack of overall market transparency makes it difficult to understand risks which discourages Enterprise, lender, and investor participation in the market;
Market data and information on chattel is largely unavailable;
There is a lack of understanding of how chattel loans perform
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

22. Future Work Under Duty to Serve – Manufactured Housing Titled as Personal Property (Chattel)
Acquire and study industry chattel data and information essential to the development of a chattel pilot such as:
Publish to the public a comprehensive set of learning and analysis from all outreach activities to promote transparency across the housing industry and encourage collaborative engagement by the end of 2018.
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
This will require approval from our FHFA, our regulator as we move forward
Prepared by: Kellie Coffey

23. What Is a HomeReady Mortgage?
HomeReady is an affordable low down payment mortgage product that can be used on and off tribal trust land.
It is designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in low-income communities.
Unique land status
Tribal Trust Land
Allotted Trust Land
Unrestricted or Fee Simple
Underserved Markets
Non-traditional credit
Limited access/exposure to financing
Manual underwriting
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

24. Who Can Benefit from a HomeReady Mortgage?
Buyers who need flexibility with down payment
Homeowners who want to refinance to lower monthly payments
American Indian, Alaskan or Hawaiian Native (Buyers do not have to be members of a federally recognized tribe)
Borrowers who meet income eligibility as follows:
Now that we understand a little more about HomeReady, let’s talk about what type of customer best fits the product. They would include:
Homebuyers who may need some flexibility with down payment, income qualification or both in some cases…..
Homebuyers potentially looking to refinance in order to lower their monthly payments………..
And finally, customers who meet the income eligibility limits for the property area….
We will get to discuss HomeReady income eligibility limits in more detail……
And….. I’d like to mention that HomeReady does allow homebuyers to own other properties at the time of closing on a HomeReady mortgage!
__________________________________________________________________
There are no income limits for low-income census tracts …
For all other properties, the borrower income limit is 100% of Area Median Income (AMI)
Area Type
Percentage of Area Median Income (AMI)
Low-income census tracts
No income limit
All other properties
100%
Prepared by: Kellie Coffey

25. HomeReady Income Eligibility Lookup Tool
On the HomeReady web page, you will find an easy to use income eligibility lookup tool and state maps that show census tracts along with county names and boundaries.
I’ll also mention that there is a spreadsheet available that allows you to pull income limits based on FIPS code, state, county and census tract. You have the option to save the spreadsheet on your computer for immediate access.
And with a recent enhancement to the Income Eligibility Lookup tool, you can search by area (city or even state) and pinpoint census tracts with no income limit.
The FIPS code is a unique 11-digit code assigned to all geographic areas. The first two digits mark the state; the next three, the county; and the last six mark the census tract number.
Prepared by: Kellie Coffey

26. Borrower Income Flexibilities
Flexibility
Income considerations
Non-occupant borrowers
Consider income, assets, credit, and liabilities (DU LTV up to 95%; manual underwriting LTV up to 90%)
Boarder Income
*Helpful in situations when an extended family lives in home and contributes funds for rent.
Include as qualifying income
Rental income from an accessory unit
*Detached Garage with living space
The HomeReady borrower income flexibilities represent an important feature that can allow you to get more customers approved.
A non-occupant borrower is someone who will not live in the home, but is willing and financially able to be a borrower on the loan. The most common situation that comes to mind is parents, but keep in mind that the non-occupant borrower can be anyone – they are NOT required to be family members.
The non-occupant borrower income, assets, credit, and liabilities will be considered for a HomeReady loan.
The maximum LTV is 95% AND the occupant borrower must have a Debt To Income Ratio no higher than 43%, based on their own qualifying income and liabilities.
The income from the non-occupant borrower is also being considered to determine income eligibility based on AMI.
Now let’s talk about boarder and rental income.
The boarder income flexibility is for 1-unit properties. Up to 30% of the borrower’s qualifying income can come from a boarder – The boarder is an individual residing with the borrower in the subject property who has made payments to the borrower on a regular basis.
There is no requirement that the boarder be a family member, however there must be documentation that the boarder has lived with the borrower for at least the most recent 12 months. Flexibility is provided related to the documentation of the borrower’s receipt of the boarder income – documentation for at least 9 of the most recent 12 months must be provided. If the documentation represents less than a full 12 months, the boarder income must be averaged over a 12-month period to be considered for qualifying purposes.
Let’s now discuss rental income
When it comes to Rental income, it can be considered as qualifying income from two different sources:
First if a 1-unit property has an accessory unit as noted on the appraisal. This could be a garage apartment with a functioning kitchen and bathroom.
The other source is for income generated from a 2- to 4-unit property. In these cases, the calculation and documentation of rental income follows standard Selling Guide provisions. Let’s remember that the qualifying income that can be used is 75% of the monthly rental to account for vacancy losses.
The main difference between boarder and rental income is that rental income is generated from a self-sufficient unit, whereas boarder income is generated from a room within the living quarters of the subject property.
Prepared by: Kellie Coffey

27. Boarder Income Sample Scenario
Now let’s talk about boarder income.
In this boarder income sample scenario, a single woman plans to purchase a new home. She has had a roommate sharing living quarters with him for the past 12 months, and the roommate plans to live in the newly purchased home.
The roommate pays $375 per month in rent. The borrower has provided documentation to validate the 12 months of prior shared residency. She has canceled checks to document the payment of $375 from the roommate for 10 of the most recent 12 months.
The boarder income that can be considered for qualifying purposes is $375 multiplied by 10 months received = $3,750. Because the borrower is unable to document a full 12-month history, this amount is divided over 12 months ($3,750/12 months). The total monthly boarder income that can be considered is $
Prepared by: Kellie Coffey

28. Example: Borrower Using Cash-on-Hand
Scenario A borrower who does not have a bank account wants to use money he has saved (cash-on-hand) otherwise known as “mattress money” for his down payment to purchase a 1-unit home. Eligibility This is acceptable if the borrower customarily uses cash for expenses. May not use cash on hand for reserves (if required).
Let’s discuss CASH ON HAND……………….
One of the flexibilities of HomeReady is that it allows borrowers to use cash on hand as a source of downpayment and closing costs. Some of the requirements are:
You need to verify that the amount of funds saved is consistent with the borrower’s payment habits.
Confirm that funds are deposited in a financial institution account or an acceptable escrow account at least 30 days prior to closing
Obtain a written statement from the borrower disclosing the source of funds and confirming that the funds have not been borrowed.
Determine that the borrower’s credit report and other verifications indicate limited or no use of credit and depository relationship with a financial institution.
Prepared by: Kellie Coffey

29. Summary of HomeReady Borrower Benefits
Low Down Payment – as little as 3% down for home purchases
Fixed Interest Rates available for stability
No Upfront Guarantee Fees
Flexible Sources of Funds with no minimum contribution requirement from borrower’s own funds (1-unit properties)
Rental and Boarder Income may be considered for qualifying
Down Payment Assistance acceptable from tribes and their TDHE’s as an eligible Community Seconds®
Cancellable mortgage insurance may be removed per Servicing Guide policy
Online learning through Framework’s interactive course or an approved CDFI/TDHE to explain the home buying process and the essentials of homeownership
Let’s talk about the benefits for your customers with a HomeReady mortgage:
It allows for a low down payment, up to 97% LTV for purchases
Pricing will be competitive or better than our standard loan pricing. The LLPAs are either capped or waived altogether based on specific loan characteristics
There is no minimum contribution required from the borrower’s own funds for 1 unit properties……… And I’d like to note that it is only 3% for 2- to 4-unit properties
Rental and border income may be used to qualify a buyer.
HomeReady allows for Community seconds for down payment or closing cost assistance up to a 105% CLTV
Fannie Mae allows the use of nontraditional forms of credit for borrower qualification
Private Mortgage Insurance may be canceled once the loan reaches 80% LTV upon the customer’s request or automatically when the loan reaches 78% LTV. Let’s note that this is a feature available to other Fannie Mae conventional products.
And last but not least, Online homebuyer education is provided by our partner, Framework to educate the buyer on the process and the overall essentials of homeownership. Other Options are available to meet the homeownership education requirement, and we will get to discuss them in more detail later in the presentation.
Prepared by: Kellie Coffey

30. Conduct Research Project
The goal of this research was to understand homeownership motivation and barriers, and mortgage-financing needs, among Native Americans who are recent or potential first-time homebuyers wanting to purchase on tribal trust lands. More specifically:
Understand their underlying views of home and first-home ownership and how their unique identify and cultural beliefs connect to homeownership.
Understand their views about money and how they manage their personal and household finances.
Understand the dynamics and decision-making factors/process related to home purchase and financing.
Identify the unique barriers that Native American homebuyers face and resources that could help them.
Identify their network of influencers for buying and financing a home
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

31. Conduct Research Project
“With patience, hard work and guidance good things come.”
Conduct Research Project
“Early on, I had so much fun in my life. Now, I need to provide a stable home, for me and my two girls”
“The family home is what brings life to the land.”
“We are not competitive people. We don’t want to make more money but the mortgage payment will always be first priority”
“I went to my bank for a loan on my tribal land, but they said they can’t do it.”
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

32. Tribe Responsibility – Adopt Mortgage Ordinances – Fannie Mae would like to review the following:
Conveyances of beneficial interests in Trust Land or Restricted Land to lenders as security for Mortgages to borrowers;
Recording of Mortgages;
Mortgage foreclosure proceedings;
Evictions, and;
Transfer/resale restrictions;
Residential Ground Lease
Prepared by: Kellie Coffey

33. Current Tribe Partners
Bay Mills Indian Community – Michigan
Sault Tribe - Michigan
Pueblo of Acoma – New Mexico
Many tribes in conversations
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

34. The Tribal Leaders Handbook on Homeownership
The Handbook provides a comprehensive overview of the lending and housing development process, as well as preparing borrowers to become successful homebuyers and the importance of doing a community needs assessment and site design at the early stages of the development process. It also tackles the residential leasing process. Throughout the Handbook, readers will be inspired by the case studies illustrating how several tribes are using innovative financing options and persevering to create homeownership opportunities in their communities
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

35. What are other goals in 2018?
Continue to meet with tribes and sign MOUs for mortgage products
Participate in coalition meetings and other tribal events
Partnered with Seven Sisters Development to bring internal training to my colleagues (Completed March 8, 2018)
Work to solve some of the appraisal challenges on tribal trust land
Support, invest and partner with entities to support Financial Literacy and Homeownership Education
Identify ways to support and provide capital to Native CDFIs and or Tribal Designated Housing Entities
Continue to educate lenders, state and local housing agencies about tribal lending
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey

36. Kellie Coffey @ Fannie Mae Telephone: 301-418-7643
Questions and Contact Information
Kellie Fannie Mae
Telephone:
HomeReady is designed for creditworthy low to moderate income borrowers. The product was released in December of 2015 and you will see that some of the features were created to make financing available to a segment of borrowers who may not have been eligible in the past. As a result, HomeReady can help YOU grow your business and we will discuss how throughout the presentation.
HomeReady also may help lenders meet CRA lending goals.
Finally, HomeReady has significant benefits such as competitive pricing compared to standard conventional products, a cancellable mortgage insurance feature, AND a homeownership education component to help prepare buyers for long term success.
Prepared by: Kellie Coffey