My Community Mortgage Is A No-Brainer For Public Servants
Through Fannie Mae's MyCommunityMortgage home loan program, people like teachers and firefighters can afford a new home. Some of them even have 40 years to pay it off. These public servants can put little or nothing down on a home and still be able to finance it. But not every public servant is eligible for this exclusive program. Here are answers to the questions you might have about MyCommunityMortgage.
Who is Eligible?
The full list of eligibility requirements is available through a Fannie Mae mortgage lender, but there are some basic requirements that need to be met. The eligible professions are:
- EMS responders
- Fire department staff
- Medical Technologists
- Members of state and local law enforcement agencies
- Military personnel
- Pharmacy technicians
- Teachers employed by state-recognized schools
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.
The place you live or plan to live also determines your eligibility. Qualified housing must be owner-occupied and includes:
- Planned Unit Developments (PUDs)
- Single family homes
What Are The Benefits?
For those who quality, the benefits are almost endless. Here are just a few:
- Discounted interest rates
- Down payments as low as three percent
- As much as six percent in seller credits can be applied to closing costs
- The ability to choose between fixed and adjustable rate mortgage
Some borrowers even qualify for a 40-year fixed-rate amortization. For more information on the benefits of MyCommunityMortgage, talk to a Fannie Mae mortgage lender.
SEE ALSO: 5 Tips For Buying REO Properties
Why Does Fannie Mae Offer This?
The basic idea of this problem is that a community needs the public servants covered under this mortgage plan. Fannie Mae wants to give communities the ability to attract public servants, no matter the average cost of homes.
Through MyCommunityMortgage, communities can keep their public servants happy and comfortably housed. It is truly one of the best options for public servants.
<span style="text-decoration: underline;"><em><a href="https://www.fanniemae.com/content/fact_sheet/mcm-product-matrix.pdf" target="_blank">Source</a></em></span>