Fannie Mae's Mycommunity programs UPGRADED

Recently Fannie Mae's My Community programs have been enhanced to allow interest only for the first 5 years on a 35 year amortized. Also they no longer require the borrow to go to classes. This program allows for significantly cheaper MI, which makes for a lower monthly payment. This program is designed to help first time home buyers. This program can be very useful if you are having trouble getting an approval with an 80/20 do to lower FICO scores. The Mortgage Insurance (remember at a discounted rate on the mycommunity) helps for easier approvals. With lenders tightening up on 80/20s this may be a good option to get a credit challenged home buyer's foot in the door.