What is My Community Mortgage Fannie?


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.

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