What Is My Community Mortgage?The concept behind the program is that for a community to be strong, it needs certain fundamental resources and assets within its infrastructure. Those include experts who provide specialized essential serviceslike healthcare workers, law enforcement officers, fire fighters, and schoolteachers. To create a vibrant, safe, and healthy town or city, you need to attract and retain people who play those key roles. So Fannie Mae wants to make it easier for those folks to buy a home. By doing so, Fannie Maes My Community Mortgage initiative helps to ensure the stability and well-being of the entire community.
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EligibilityFannie Mae lenders can provide you with a full list of the eligibility criteria for various vocations. But the program includes teachers employed by state-recognized schools, members of state and local law enforcement agencies and fire departments, EMS responders, and members of the military. While medical doctors are not eligible, many other health professionals are, including pharmacy technicians, pharmacists, nurses, and medical technologists. Loan applicants can earn up to 100 percent of the medium income for their area, have as high as a 45 percent debt-to-income ratio, and have less-than-stellar credit.
What Are The Benefits?Perks available include discounted interest rates, down payments as low as 3 percent, and as much as 6 percent in seller credits that can be applied to closing costs. You can choose between a fixed-rate and an adjustable-rate mortgage, too, and some borrowers even qualify for 40-year fixed-rate amortization. You cannot use a My Community Mortgage if you currently own other residential property, however. This rule is intended to discourage professional investors from mis-using the program. But you can use one of these great loans to buy a condo. So you arent limited only to traditional freestanding houses. If you believe that your profession qualifies you for the My Community Mortgage program, or if you want to find out, talk to a bank or other mortgage company that offers Fannie Mae loans. They can answer all of your questions and help you decide which kind of loan product best suits your particular needs.
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