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My Community Mortgage From
Fannie Mae: Low Down Payment

It's time to reconsider Fannie Mae. On October 4th 2010 the FHA revamped its mortgage
insurance premiums. As a homebuyer you owe it to your family to discuss with your lender
the My Community Mortgage from Fannie Mae.

Here are some of the highlights:

1. Only 3% downpayment.
2. No upfront mortgage insurance premium.
3. Terms up to 40 years.
4. Can be combined with a Community Second.
5. 680 minimum credit score.
6. Source of income flexibility.
7. Possibility to buy down the rate.
6. Seller can pay the buyer's closing costs up to 6%.
7. Flexible income sources. Part time income and overtime can be use if you show the
money over a period of 12 months.

The Community Second combined with My Community Mortgage allows a borrower to
structure his financing so that he has no closing costs out of pocket. He can go a step
further and close the deal with zero downpayment.

Unlike most loan programs, this mortgage program is not credit score driven.
Non-traditional credit can be used to strengthen the application. For example, rent and
utilities can be used.

This program also has special options for police officers, teachers, nurses, firefighters
and military personnel. Please check with your lender to see what the current perk is. Last
year buyers in this category received $500 to help with the closing costs.


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