650: My Community Program
- 09/23/07 02:13 AM
What is the My Community Program? The My Community Program is designed by Fannie Mae and this program is designed for moderate income home buyers who have limited funds for the down payment and closing costs. Even when your credit scores are below 660, no money down is still possible. It is well known that borrowers with middle scores in the low 600's have been approved. Higher credit scores will compensate if you have high debt-to-income ratios. Typically a 620 fico score is recommended and we have seen debt ratios of 64% get approved. Higher fico scores will improve your approval odds … (7 comments)
What is the My Community Program?;)
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