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Fannie Mae's MyCommunityMortgage Program

The MyCommunityMortgage program was designed by Fannie Mae for first time homebuyers with little or no credit history and little or no money down.

This program allows homebuyers to qualify for a mortgage at conforming interest rates and lower PMI premiums. The program also has special features for public safety workers and teachers.

The program has many similarities to the governments FHA program, although the MyCommunityMortgage program does NOT require a down payment nor does it have educational requirements.

MyCommunity has special programs for nurses, paramedics, fire fighters, and police officers as well as anyone who works in an educational institution.

The MyCommunityMortgage program is ideal for home buyers with limited funds for down payment and closing costs and those needing flexibilities on credit, income sources, or access to special options. Here are some of the program highlights:

• Up to 100% financing (no money down!)
• No prior credit history is required
• No minimum contribution from the buyer’s own funds
• Fixed or adjustable rate loans available with interest-only options
• Loan terms up to 40 years
• Reduced mortgage insurance requirements to help keep payments affordable

In addition to these program highlights, the MyCommunityMortgage program provides special underwriting consideration for:

• Teachers & educational institution employees
• Police officers and firefighters
• Health care workers
• Persons with disabilities (or those living with a family member with a disability)
• People living in underserved areas throughout the country, including many hurricane-damaged areas in Louisiana, Mississippi, Alabama, and Texas

MyCommunity loan programs offer home buyers and home owners fewer eligibility restrictions, and several loan options. These programs are often great for first time homebuyers.

MyCommunity programs offer much more flexible underwriting guidelines, especially in regards to credit score and down payment requirements. The My Community Loan Programs offer 100% and 97% loan to value programs, which means that they have 0 down and 3% down programs available. These programs usually do not require any borrower contributions of money put into the transaction which many other conforming programs will require at least $500 of the borrower's own funds.

If you are in the health, educational and Protect and Serve your community profession, the MyCommunity loan program has some special incentives for you. Fixed rates can be 30 year, 30 year interest only, and 40 year term as well.

Contact Chap VanDongen with Universal Lending for more information and financing options for your next home.

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