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Wisconsin and Illinois Fannie Mae My Community Mortgage (MCM)


Planning to buy a home but not sure if you can get an affordable
mortgage? Ameristar Mortgage can help!

My Community Mortgage (MCM) is a Fannie Mae program that has very flexible credit guidelines for low to moderate income borrowers. It's available to purchase or refinance a single-family home, condominium, or a 24 family home.

  • No minimum contribution from borrower's own funds (one-unit)
  • Up to 95% financing - one loan
  • Up to a 40-year term and options for initial interest-only period
  • Eligible for Community Seconds or standard subordinate financing
  • Available for 2, 3 or 4-unit properties for borrowers who want to live in one unit and rent out the others
  • Competitive rates
  • Choose a fixed rate or an ARM if you don't plan on being in the home for long
  • No minimum borrower contribution
  • Nontraditional credit allowed (only need three lines of credit verified) i.e.. rent, utilities, cell phone...
  • Considers some income from a co-borrower without a credit history
  • Lender paid mortgage insurance (LPMI) is available with this program
  • PMI required for loans over 80% LTV but at a reduced rate - except in cases where LPMI is used
  • Borrowers must be at or below median area income limits to qualify
  • Not just for the first time homebuyer
  • Available for purchases and rate and term refinances

Median area income limits applies and can be checked on HUD's website: HUD Area Median Income Limits

Other programs that may be of interest:
Freddie Mac Home Possible
Rural Housing
FHA Loans
VA Home Loans
Flex 100 and Flex 97
Lender Paid Mortgage Insurance
100% Financing Programs

Current Wisconsin and Illinois Mortgage Rates - Please call or email Ameristar for current MCM rates

All Wisconsin and Illinois Mortgage Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including FHA, VA and Rural Housing
Wisconsin Refinance Illinois Refinance Programs

About Ameristar Mortgage
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Recent My Community Mortgage posts on our blog:

My Community Mortgage from Ameristar Mortgage
April 8th, 2008

The My Community Mortgage Program has payment options with terms up to 40 years with interest only payments available. This loan has a fixed rate that is below market interest rates and a lower tax deductible mortgage insurance payment. My Community Mortgage (MCM) helps lenders serve low and moderate income borrowers and communities with flexible terms and many options. The My Community Mortgage program is ideal for home buyers with limited funds for down payment and closing costs and those needing flexibilities on credit, income sources, or access to special options.

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