Fannie Mae has announced new enhancements to its 97 percent loan-to-value mortgage product, including acceptance of FHA-approved housing counseling, to help attract more borrowers.The improvements would expand access to HomeReady, which allows borrowers to pay as little as 3 percent down on a home purchase. The 3 percent may include income from non-borrower household members. Fannie said it would accept one-on-one, pre-purchase counseling from providers that have been approved by the Department of Housing and Urban Development for FHA borrowers. The goal is to help conventional borrowers meet HomeReady’s homeownership education requirements. Later this year, Fannie will offer lenders a $500 credit to encourage borrowers to take advantage of the housing counseling option to help sustain long-term homeownership. In addition, Fannie simplified income-eligibility requirements for ...