Fannie
Mae My Community Mortgage (MCM) in Wisconsin, Illinois, Minnesota and
Florida
Planning to buy a home but not sure if you can get an
affordable
mortgage? We can help!
My Community Mortgage (MCM) is a Fannie Mae program that has very flexible
credit guidelines for low to moderate income borrowers. It's available to
purchase or refinance a single-family home, PUD, condominium, or a 2–4 family
home.
- 3% minimum contribution from borrower's own funds (one-unit)
- Up to 97% financing - one loan
- Eligible for Community Seconds or standard subordinate financing
- Available for 2, 3 or 4-unit properties for borrowers who want to
live in one unit and rent out the others
- Competitive rates
- Choose a fixed rate or an ARM if you don't plan on being in the
home for long
- Considers some income from a co-borrower without a credit history
- PMI required for loans over 80% LTV but at a reduced rate
- Borrowers must be at or below median area income limits to qualify
- Not just for the
first time homebuyer
- Available for purchases and rate and term refinances
Median area income limits applies and can be checked on HUD's website:
HUD Area Median Income Limits
Other programs that may be of interest:
Rural Housing
FHA Loans
VA Home Loans
100% Financing
Programs
Current Mortgage Rates - Please call
or
email us for current MCM rates
All Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including
FHA, VA
and
Rural Housing
Refinance Programs
About Us
Apply or
Pre-qualify Online
Contact Us
Recent My Community Mortgage posts on our blog:
My Community
Mortgage
August 18th, 2009
The My Community Mortgage Program has payment options with terms up to 40
years with interest only payments available. This loan has a fixed rate
that is below market interest rates and a lower tax deductible mortgage
insurance payment. My Community Mortgage (MCM) helps lenders serve low and
moderate income borrowers and communities with flexible terms and many options.
The My Community Mortgage 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.
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