Planning to buy a home but not sure if you can get an affordable mortgage? We can help!
MyCommunityMortgage® (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 (one-unit)
- 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
- Important Disclosure
*3% down payment on $250,000, 4.000%/ 4.815% APR, 740 FICO, 30-year fixed rate mortgage. Mortgage insurance is required. Rates subject to change. Subject to credit approval. At least one borrower must be a first time home buyer. Borrowers who have not held interest in a property in the last three years are also considered first time home buyers.
MyCommunityMortgage® is a registered trademark of Fannie Mae.