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This entry was posted on Saturday, April 14th, 2007 at 11:00 am     and is filed under 100% Financing, 1st X Buyer, Mortgage Programs, Mortgage Rates, Qualifying. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

8 Responses to “Safe 100% Financing with “MyCommunity Mortgage””

Brian Brady Says:
April 26th, 2007 at 10:26 pm
I saw that Flagstar recently withdrew it’s MyCommunity product. Has FNMA cancelled it?

Marc Says:
April 27th, 2007 at 9:46 am
As of yesterday it was still around. I’ll double check, but with the agencies working to come up with sub-prime bailout loans, I can’t see them taking this one off the table Brian.

Thanks for your excellent hard money presentation the other day. Good stuff!

Marc

Marc Brinitzer Says:
May 1st, 2007 at 12:58 pm
MyCommunity is alive and well Brian

aldon bordenave Says:
September 20th, 2007 at 4:28 pm
for the My Community Program do both my wife and I need a 620 credit score. her income is less than 50% of our total income.

Marc Brinitzer Says:
September 20th, 2007 at 4:35 pm
That’s a good question Aldon. Normally, lender take their cue from the lower of you and your wife’s middle scores, and this seems to be the way the MyCommunity guidelines read. There are some exceptions to this rule however, so I should check on that and get back to you.

What area do you live in?

LendingClarity.com » Blog Archive » 100% Financing: Freddie Mac’s HomePossible Says:
September 25th, 2007 at 6:46 pm
[…] Fannie Mae’s initiative is called  MyCommunity Mortgage and I wrote a previous article about that.  Freddie Mac has something similar called Home Possible.  Here are a few highlights: […]

Glenn Johnson Says:
October 30th, 2007 at 9:39 am
Can the MyCommunity program be used for property rehab?

Marc Says:
October 30th, 2007 at 9:47 am
Glenn,

Interesting that you ask. Actually, MyCommunity does have a “rehab” program. Stay tuned for a short article on that topic.

I was recently looking for the old FHA 203(k) rehab product, but I can’t find a lender yet willing to do them again. They were messy affairs with lots of moving parts.

Fannie Mae, Freddie Mac, and MyCommunity all offer rehab loans, and I’ll be comparing them in an upcoming post.