My Community Mortgage program FanniMae.?

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Do you know a website for my community mortgage program Fannie Mae? Guidelines and all I have to know much about it … Them.
with the nature of the economy … Is there a company that knows about this, what is real or programs out there for someone who is less than the inside perfect credit

Rio Grande Hospital – after replacement
Loans alt = “Mortgage
Del Norte, Colorado, in collaboration with Rio Grande, Charles Ervin (now with Dougherty mortgages) and HLM Design, a pioneer of Neenan Company to finance the hospital’s replacement HUD 242 program. It was to open the first critical access hospital in the nation to use this federal law on guarantees HypothekendarlehenProgramm.Foto courtesy LaCasse Photography.

4 Comments
  1. Reply
    livigninchrist!
    February 20, 2011 at 12:09 pm

    Don’t know for certain but I don’t think “my community” is a Fannie Mae program. A lender friend of mine offers it and I know for sure she is not FHA certified. Go to http://www.hud.gov for Homes and Communities. This may be what you are looking for. There is also, a website called http://www.fha.gov. This website also gives you alot of info on the government loans that are out there. I hope you find what you are looking for. You can always call a lender but I assume you are trying to avoid that until you are ready.

    My friend says go to fanniemae.com there is alot of information there. I guess mortgage brokers know their business better that me.

  2. Reply
    Rich B
    February 20, 2011 at 1:05 pm

    MyCommunity Mortgage by Fannie Mae is a great first time homebuyer program. In most communities, the borrower must make less than the area median income as defined by HUD.

    There are traditional guidelines which the program follows, however, most brokers and lenders use Desktop underwriter, Fannie Mae’s automated underwriting system, which creates large exceptions to their rules, approving loans for 100% financing with credit scores down to 580 or less. Borrowers do not need to have significant reserves (cash in the bank), and Fannie Mae has eased up on the rules in reference to paying off collections or chargeoffs.

    This loan does require mortgage insurance, however, the MI is reduced to 20% coverage, rather than the traditional 35% coverage, saving the borrower money. Property sellers can also contribute up to 6% of the sales price to pay closing costs and prepaid expenses such as taxes or insurance.

    This loan also offers terms up to 40 years or interest only options for the borrowers. There will be significant changes to this program come October 21st, so make certain that all credit challenged borrowers have their loans locked prior to that date.

    Another option I would look at if I were purchasing a home is the Bank of America Acorn program. That program has many of the same highlights, however does not have Mortgage Insurance.

  3. Reply
    Carolinahomerates.com
    February 20, 2011 at 1:54 pm

    look up HomePossible for freddie mac…it’s the same as the MyCommunity

  4. Reply
    Jay S
    February 20, 2011 at 2:06 pm

    Yes, there are still loans available for home buyers with less than perfect credit. I have lenders that will approve FHA loans down to credit scores as low as 500. It would benefit you to have at least a 580 mid score to qualify for a better interest rate. Let me know if you need more info or help.

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