According to a FannieMae representative visiting my office, FannieMae had four times the MyCommuityMortgage loans by April this year than they did the entire year of '06.  They are now trying to slow down the sale of this product.

 As of May 19th 2007 clients applying for 100% MyCommunityMortgage for purchasing a home will no longer be required to pay-off collections of any amount to close their loan for one-unit, owner-occupied properties.  (Judgements or things that show up at title that could end up being a lien against the property still have to be paid).

Effective July 22, 2007 - Community Seconds may be used in conjunction with the interest only feature.

 Effective August 1, 2007 - Loan-Level Price Adjustment or (llpa) of 1.00 percent applies to all MyCommunityMortgage loans.   Most of our investors are collecting for this right now.  Still when you figure there is no upfront MI and the low .59 factor for the starting monthly MI rate with zero down; it's still a pretty good deal.  Just remember the extra cost if you have seller's paying the buyers closing costs.  LLPA's also apply to MyCommunityMortgage loans with:

5/1 ARMs / 2 unit ARMs / non-Community Seconds subordinate financing / Interest -only feature / Terms in excess of 30 years

Effective July 22, 2007 MyCommunityMortgage permitted for Approve/Eligible and AE Level 1 only!  I did get an AE 2 approved through Countrywide broker side;  it funded just before the change date, it priced the same as MyCommunityMortgage, but was funded by CWBC's sub-prime division.  Underwriting was about 72 hours, conditions 48 hours and so forth.