A quick check of rates this morning found that firms such as Sebonic and Aurora Financial were offering 30-year fixed-rate loans at 3.75 percent with no points.
HomeReady will become part of DU later this year and replaces the MyCommunityMortgage product, which in some circles was known as Fannie’s “subprime” option.
However, the ground breaking MBS from Lone Star did not receive ratings and was not subject to requirements from the SEC regarding the disclosure of third-party due diligence.