FannieMae

My CommunityMortgage™

Mortgage Solutions

My CommunityMortgage is a flexible mortgage product for low income and moderate income borrowers.

 Key Features

• No minimum borrower contribution.
• Up to a 40-year term.
• Full Documentation only product. 
• Primary residence.
• 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 Solutions^TM for teachers, police, firefighters, and healthcare workers.
• Community HomeChoice^TM for borrowers with a disability or a family member with a disability.