MyCommunityMortgage® (MCM®)
MCM ® Highlights
· 3% down payment
- Income-source flexibilities, including boarder income from relatives or non relatives
- Eligible one-unit properties include condos, co-ops
- Available for 2-, 3-, or 4-unit properties for borrowers who want to live in one unit and rent out the others
· Payments amortized for 20,30,40 years
· Flexibility on credit histories, nontraditional credit accepted
o Utility bills, cable bills, and other private types of credit
These options offer even more flexibility for all First Time Home buyers then FHA
Federal Housing Administration
Community Solutions ™
Option for teachers/educational institution employees, police officers, firefighters, health care workers, and eligible military personnel (eligible for higher ratios and gifted reserves)
Community Home Choice
Option for borrowers with a disability or who have a family member with a disability who may need greater underwriting flexibilities, including non-occupying co-borrowers
Dashfunding.com With the Fannie Mae MCM® provides First Time Homebuyers:
The ability to say “yes” to more borrowers with limited funds for down payment and closing costs
Borrower monthly payment savings with low MI and a broad range of subordinate financing allowed
Mortgage insurance requirements at the lowest level allowed under our Congressional charter
Home Buying Basics
If you are a first-time homebuyer:
If you are a first-time homebuyer or haven’t bought a home in a while, this guide will offer valuable information about buying a home.
Gather the information you will need to qualify for a home mortgage and qualify. Apply here!
Before you can buy a home, you will need to secure financing. Be ready to provide a Dashfunding.com with the following information:
· Income and Employment
· What is your current income?
· Are you employed?
· Do you have a history of steady employment?
· Down Payment
Your lender will ask how much money you have available for a down payment. A down payment of 20 percent or more of the home purchase price demonstrates your commitment to long-term homeownership and provides you with immediate equity in a new home.
Credit History
Your lender will review your credit history — how well you’ve paid your bills in the past — by reviewing your credit report. The lender will consider how much you owe on credit cards, car payments, student loans and other debt. The lender will also review your ability to pay property taxes and other expenses of homeownership.
Escrow Accounts
Your lender may suggest that you set up an escrow account. With an escrow account, you pay a fixed amount each month in addition to your mortgage payment to an account maintained by the lender. The lender then draws on that account to pay property taxes and homeowners insurance as those bills become due. Escrow accounts ensure that money will be available for these payments.
Learn more about Escrows
Find a Fannie Mae lender to get pre approved for a mortgage loan
Remember that you are investing not just in a home but also in the mortgage loan that will finance your home. Talk with several lenders and shop carefully for the best deal, including loan terms, interest rate and fees. You can use Fannie Mae’s Find a Lender tool to locate lenders who can answer your questions and work with you to qualify for a mortgage.
The lender you choose will review your financial information and explain the pre approval process. While pre approval is not a mortgage commitment or guarantee, it will provide guidance on what you can afford to spend on your new home. Having a pre approval letter to show to a seller demonstrates that you are a serious buyer. When you are ready to buy, it will shorten the time it takes your lender to complete the mortgage application process.
Make sure your lender explains all loan fees — the up-front costs of originating, processing and closing the loan.
Select your new home
With your in place, you are ready to begin your search. You can check online and your local newspaper for homes for sale in your area. A real estate professional can help you find a home that meets your needs and your budget. A licensed agent has access to the Multiple Listings Service, MLS, which generally offers the most comprehensive list of homes for sale. mortgage pre approval
In many communities, foreclosed homes offer an affordable home buying option. You can search Fannie Mae’s foreclosed properties at HomePath.com. Many of these homes offer flexible Home Path financing, which is available only on Fannie Mae homes. Learn more about HomePath financing and find Dasfunding.com for more information.
Call Today (562) 665.4777