What is a My Community Mortgage?

According to research of the foreclosures during the past 7 years, chief among the cited reasons were lack of down payment, undisclosed debt by the buyers, reduced credit requirements, and unstable income. In response to greater accountability to Washington lenders tightened there criteria…too tight by most industry experts. Thankfully, however lenders are beginning to see the light and with fewer homeowners in the marketplace they have to compete for those who actually can buy a home.

While credit and income are still pretty non-negotiable, according to consumer research conducted by Fannie Mae, the primary barrier to homeownership for first-time home buyers is saving money for the down payment and closing costs. In support of ongoing efforts to expand access to credit and support sustainable homeownership, Fannie Mae is offering 97% LTV /CLTV/HCLTV financing to help home buyers who would otherwise qualify for a mortgage but may not have the resources for a larger down payment, and a refinance option for Fannie Mae loans. These options are designed to help lenders serve creditworthy borrowers and expand business opportunities.

Purchase Options for First Time Home Buyers

 

This article was written by ricardocobos

Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. I am a local market expert in southern Wake County in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183

Comments

  1. […] My Community Mortgage has an additional exception. The boarder must provide appropriate documentation to demonstrate a history of shared residency (such as a copy of a driver’s license, bill, bank statement, etc., that shows the boarder’s address as being the same as the borrower’s address) and the payment of rental payments for the last 12 months (such as a copy of his or her canceled checks). However, like the first exception, boarder income is limited to 30% of qualifying income can come from boarder income (relatives or nonrelatives). […]