Question:

What is My Community Mortgage Fannie?

Answer:

My Community Mortgage is the Fannie Mae's home loan program. It is an attempt to provide sustainable homeownership and greater mortgage market stability and targets minorities and underserved markets.

Fannie Mae's MyCommunityMortgage (MCM) Features

MyCommunityMortgage primary mortgage and Community Seconds® subordinate home loans are underwritten using Desktop Underwriter (DU) software, or manually. Community Seconds® can be treated as a gift, for qualifying borrowers.

  • There is no minimum down payment required for single unit properties (condos and co-ops are allowed);
  • MyCommunityMortgage available for multi-unit properties (2 to 4 units) as rentals, if borrower lives in one of the units;
  • Low mortgage insurance requirements - 6 to 16% for LTV above 80%; 18% for 97% LTV, and 20% for 100% financing;
  • Interest-only payment options and 40-year terms are possible;
  • Great credit score and history flexibility;
  • Great income source flexibility;
  • 2-1 interest buydown possible;
  • Income limits are waived in FannieNeighbors® areas.

Additionally, homeowners from hurricane-damaged areas of Louisiana, Mississippi, Alabama, and Texas are now eligible for FannieNeighbors mortgage loans. Also, educators, firefighters, health care workers, military personnel, etc. are eligible for a  

Fannie Mae Community Solutions™ option. Borrowers with disability or with a family member with disability can make use of the Community HomeChoice program.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
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Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
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Common misspellings: mortage and morgage