My Community Program

Do you want to know if you qualify for the My Community Program?

Can I purchase a home using the a conventional loan.

Fannie Mae offers the My Community Mortgage® and is designed for low to moderate income home buyers. This program provides significant flexibility in credit guidelines for borrowers with limited cash resources. The borrower’s income cannot exceed 100% of the annual HUD Area Median Income.

Minimum Credit Score and Maximum Loan-To-Value

Fannie Mae requires a minimum credit score of 620.

3% down payment minimum credit score 620
Loans below 80% loan-to-value do not require mortgage insurance minimum credit score 620
Maximum loan amount $417,000 single family residence
Owner-occupied primary residences only
First time home buyer program

Source of Down payment

Funds for the borrower’s down payment and/or funds for closing costs and/or prepaids may be obtained from the following:

Affordable/Eligible Community Seconds
A gift or unsecured loan from a relative, domestic partner, fiancé or fiancée
A gift, grant or unsecured loan from a church, a public agency, municipality or a non-profit organization (other than a credit union)
Contributions by interested parties, subject to standard interested parties contributions guidelines for conventional mortgages. Seller can contribute.
Employer assistance in the form of a grant, a direct fully repayable second mortgage or unsecured loan or a deferred payment second mortgage or unsecured loan
Cash on hand

Home Buyer Education

Prior to closing a minimum of one borrower must complete an approved home buyer education program if all borrowers are first time home buyers.

Seller Contributions

Interested party contributions, as a percentage of the sales price or appraised value, whichever is less, are limited to the following values

Maximum seller contributions:

90% and higher loan-to-value maximum 3% contributions
75% up to 90% loan-to-value maximum 6% contributions
74.9% and below loan-to-value maximum 9% contributions

What documentation will I need?

• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)