Fannie Mae Programs.
To learn more, contact us at 1-888-420-7895
Key Features
* No minimum borrower contribution.
* Up to a 40-year term.
* Options for lower initial monthly payments with a 5-year or 10-year interest-only period.
* Funds for down payment and closing costs can come from a wide range of sources, such as a gift from a family member; a gift, grant or loan from a nonprofit organization, municipality or employer; or the borrower's own funds.
* Loan-to-value ratios permitted up to 100 percent for 1-unit properties.
* Extra flexibility on credit histories, including consideration of nontraditional credit histories.
* Extra flexibility on income sources including consideration of boarder income even if boarders are not related to the borrower.
* Cash reserves at closing not required in most cases.
* Part-time and overtime income is considered.
* Purchase a single-family home (including a condo or co-op), a two-, three-, or four-family home to live in one unit and rent out the others (minimum 3 percent borrower contribution for two- to four-unit properties).
MyCommunity Mortgage.
MyCommunity Mortgage is a flexible mortgage product for low- and moderate-income borrowers.
The following options for MyCommunity Mortgage may provide additional flexibilities for qualified borrowers:
* Community Solutions for teachers, police, firefighters, and healthcare workers.
* Community HomeChoice for borrowers with a disability or a family member with a disability.
Home Owner Solutions.
An Affordable, Flexible Mortgage
MyCommunityMortgage makes it easier than ever to afford a home of your own. With MyCommunityMortgage, you may need little or no contribution from your own funds (funds for down payment and closing costs can come from a
variety of sources including gifts; grants; loans from relatives or nonprofit groups; employer-assisted housing; or a
secured loan from a lender). And, with MyCommunityMortgage, your lender will work with you to consider all types of
income and credit histories to help you qualify for the mortgage you need.
Special Pre Approvals.
Same day pre approval letters emailed to you today.
Is This Mortgage Right for You?
If any of these situations describes you, MyCommunity Mortgage might be a good fit:
• You have limited savings for a down payment and/or closing costs.
• You do not have a “traditional” credit history, but can show other ways you have handled credit well,
such as paying rent.
• You receive rent payments from boarders, or income from government benefits, or other sources.
- Community
Solutions
is an option for public service employees such as teachers, police officers, firefighters, health care
workers, and eligible active and retired members of the United States Armed Forces. And Community HomeChoice
is for borrowers with a disability. Your mortgage lender can help you choose the option that best fits your needs.
FHA LoansWe specialize in FHA home loans for first time home buyers.
First Time Home Buyers.
MyCommunityMortgage is available throughout the United States. Borrowers in lower-cost areas of the country may
face maximum income limits, but income limits are higher in more expensive areas and rural areas, and for borrowers
with a disability.
MyCommunityMortgage is available to help you buy or refinance a single-family home or condo, or a two- to four family home that you will live in as your primary residence.
Income that can qualify you for mortgage approval includes many sources besides wages, such as boarder income
from relatives or nonrelatives.
MyCommunityMortgage includes several options that can make it even easier to buy a home.
