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 2–4 family
home.
- No minimum contribution from borrower's own funds (one-unit)
- Up to 97% 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
Apply or Pre-qualify
Online
Contact Ameristar
Mortgage
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.
Read the rest of
this entry »
|
