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Fannie Mae MyCommunityMortgage - Detail Verified \54/6/2013 Last Updated 11/30/2012

Program Overview

Fannie Mae MyCommunityMortgage - Detail Verified \54/6/2013 Last Updated 11/30/2012 is a program that makes it easier than ever to afford a home of your choice. You may need little or no contributions from your own funds (funds for down payment and closing costs can come from a variety of sources including gifts, grants, loans from relatives or nonprofit groups, employer-assisted housing, or a secured loan from a lender). Your lender will work with you to consider all types of income and credit histories to help you qualify for the mortgage you need. Clackamas, Multnomah and Washington Counties.

Who is eligible for this program?

Limited to borrowers at or below 100% of Area Median Income. Down payment can come from a wide range of sources, such as a gift from a family member; a gift, grant or loan from a non-profit organization, municipality or employer; or the borrower's own funds. Consideration of non-traditional credit histories. Consideration of boarder income even if boarders are not related to the borrower. Cash reserves are not required in most cases at closing. Part-time and overtime income is considered. MyCommunityMortgage is available throughout the United States. Borrowers in lower-cost areas of the country may face maximum income limits, but income limits are higher in more expensive areas and rural areas, and for borrowers with a disability. There are no income limits in certain inner-city areas. My Community Mortgage is available to help you buy or refinance a single-family unit or condo (Max LTV 97%), or a two-four family unit (Max LTV 95%), that you will live in as your primary residence. HUD Median Income Limits: 100% Is this program for first time buyers only? No

Property Eligibility Requirements

The program has no limitations regarding location. Allowable property types: Owner occupied primary residence, 1-2 unit; or condos

Benefit Details

The following options are available for MyCommunityMortgage: Community Solutions-for teachers, police, firefighters, and healthcare workers; Community HomeChoice-for borrowers with a disability or a family member with a disability; EnergyEfficient - option for buyers of energy-efficient homes or those wanting to make energy efficient improvements to an exisiting home; Native American Conventional Lending Initiative - option designed to make conventional lending possible for Native Americans on tribal trust or otherwise restricted lands. Benefit: Low mortgage insurance coverage requirements. 18% for 97% LTV. Up to 97 percent LTV ratio. (one-or two- unit properties). Maximum LTV is reduced to 95% for manually underwritten loans or borrowers with a nontraditional credit history. Loan Term: Up to 40 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: No Other Program Comments: Homebuyer Counseling/Education is required for first-time homebuyers. Landlord counseling for 2 unit buyers.

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