MyCommunityMortgageTM is a flexible mortgage product for low- and moderate-income borrowers.
- 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).
- The following options for MyCommunityMortgage may provide additional flexibilities for qualified borrowers:
- Community SolutionsTM for teachers, police, firefighters, and healthcare workers.
- Community HomeChoiceTM for borrowers with a disability or a family member with a disability.
To learn more, contact us at 1-800-7FANNIE (1-800-732-6643) for information on participating lenders in your area.