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My Community Mortgage
Fannie Mae describes it as: an Affordable, Flexible Mortgage for Underserved Markets, we describe it as the “solution” for today’s market conditions.
My Community Mortgage helps lenders serve low- and moderate-income borrowers and communities with flexible terms and many options.
My Community Mortgage Highlights:
- No minimum borrower contribution (one-unit)
- Low mortgage insurance coverage requirements: 18% for 97% LTV, 6-16% for 80% LTV
- Up to 97 percent LTV ratio (one-unit)
- Up to 40-year term and options for initial interest-only period
- Eligible for 2-1 temporary interest rate buy-down
- Eligible for Community Seconds or standard subordinate financing
- Qualifying Community Seconds can be treated as a gift rather than a subordinate lien (DU only)
- Flexibility on credit histories, nontraditional credit accepted
- Income-source flexibilities, including boarder income from relatives or nonrelatives
- For borrowers at or below 100 percent of area median income, with higher limits in high-cost and rural areas and for the Community Home-ChoiceTM option; income limits waived in Fannie Neighbors areas.
Low mortgage insurance
- 18% coverage for 97% LTV
- 6-16% coverage for other LTVs above 80%
Plus,
- Interest-only options
- 40-year terms
- Eligible for temporary 2-1 interest rate buydown (except for 5/1 ARM products)
- LTVs to 97% for one- and two-unit properties (LTVs up to 95% for manually underwritten loans)
- Available for three- to four-unit owner-occupied properties
- Flexibility on credit histories, nontraditional credit accepted (LTV up to 95%)
- Extra flexibilities with options to serve teachers, police officers, firefighters, and health care workers, and people with disabilities or a family member with a disability
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AMC
Financial Corporation operates as a DBA of Equitable Trust Mortgage.
Equitable Trust Mortgage is Equal Housing Lender. © 2007 AMC
Financial Corporation DBA AMC Financial Corp a VA corporation. Trade/service
marks are the property of AMC Financial Corporation and Equitable
Trust Mortgage and/or its subsidiaries. All rights reserved. AMC
Financial offers these products through our affiliates as a
correspondent lender. Equitable Trust Mortgage Corporation Licensed
by the Pennsylvania Dept of Banking and with license to do business
in the state of VA, MD and DC