| Fannie Mae Mortgage's |
Community SolutionsTM
For teachers, police, firefighters, and healthcare
workers.
Key Features:
No minimum borrower contribution.
Up to a 40-year term.
Options for lower initial monthly payments with a
5-year or 10-year interest-only period.
For teachers, police, firefighters, and healthcare
workers.
Key Features:
No minimum borrower contribution.
Up to a 40-year term.
Options for lower initial monthly payments with a
5-year or 10-year interest-only period.
Fannie Mae Mortgage
Solutions
Solutions
Funds for down payment and closing costs can come from a wide range of
sources, such as a gift from a family member; a gift, grant or loan from a
nonprofit organization, municipality or employer; or the borrower's own funds.
Loan-to-value ratios permitted up to 100 percent for 1-unit properties.
Extra flexibility on credit histories, including consideration of nontraditional
credit histories.
even if boarders are not related to the borrower.
Cash reserves at closing not required in most cases.
Part-time and overtime income is considered.
Purchase a single-family home (including a condo or co-op), a two-, three-, or
four-family home to live in one unit and rent out the others (minimum 3
percent borrower contribution for two- to four-unit properties).
The following options for MyCommunityMortgage may provide additional
flexibilities for qualified borrowers:
Community SolutionsTM for teachers, police, firefighters, and healthcare
workers.
Community HomeChoiceTM for borrowers with a disability or a family member
with a disability.
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