Fannie Mae now offers the My Community Mortgage. The program has been rolled out as an affordable financing option to serve low to moderate income borrowers. The program is for first time home buyers. Fannie Mae defines first time home buyers as anyone who has not owned a home in the last 3 years. The program has reduced mortgage insurance and is a great alternative to FHA.
Here are some highlights
- 3% Down - Can be all gift funds
- Must meet income requirements
- First time home buyers
- Must complete home buyer conseling
- Credit Scores as low as 620
- Much lower mortgage insurance than FHA
- No FHA 90 flip rule
- 3% seller paid closing costs with 3% down payment
- 6% seller paid closing costs with 10% down payment
- 9% seller paid closing costs with 25% down payment
If you are looking for an experienced mortgage broker to compare the My Community Mortgage with a FHA mortgage please give us a call at 813-629-5478 or apply online. We are located in Tampa and close mortgage loans in the entire state of Florida.