New Fannie Mae Product‏

A Better Option

The Fannie Mae My Community Mortgage is great for those who wanting a low down payment, less than perfect credit score but are still looking for that opportunity to buy a home. The My Community Mortgage Program is a conventional product that offers underwriting flexibilities to qualified borrowers who meet specific income criteria or properties that meet geographic criteria. The changes in FHA-backed financing have many homebuyers seeking an alternative and the Fannie Mae’s My Community Mortgage Program is the answer. FNMA is also flexible on the source of down payment. It can be the borrower’s cash on hand, gift from a relative, or even from the employer. However, the one and primary restriction with the My Community program is that it does carry income limits, meaning that buyers must fall within these limits in order to be eligible and qualify for this program. The chart below shows the difference in the monthly mortgage insurance between the three mortgage loan products and the monthly mortgage payment.

Example: 30 Years Fixed, $200,000 loan amount, 95% LTV, 650-699 FICO
  MCM w/BPMI Conv w/ BPMI  FHA
Rate/APR: 4.125%/4.265% 4.375% / 4.516% 3.75% / 5.635%
P&I: $965.98 $994.94 $954.83
Taxes (1.5%): $250.00 $250.00 $250.00
Insurance (.5%): $83.33 $83.33 $83.33
Monthly M.I.: $123.33 $191.66 $225.00
Total payment: $1,426.77 $1,524.31 $1,513.16

Your FHA Alternative
  • As little as 5% down payment, however their will be a 3% down payment option before the year ends.
  • Credit scores as low as 640
  • Owner occupied 1-4 Units, Condos, and PUDs
  • For single family residences, there is no minimum borrower funds contribution (all gift funds are acceptable)
  • No Up Front MI compared to FHA, saving borrowers thousands of dollars
  • Cheaper monthly MI premiums compared to FHA
  • Income limits apply. Brazoria, Fort Bend and Harris counties are $66,600.00
  • Homeownership education course is required for first time home buyers
Why choose Wright Mortgage for your client mortgage needs? Our customers would say that we are fair, transparent, reputable, and a responsible mortgage company who knows how to help people navigate through the mortgage process. Realtors and Wright Mortgage work together without a hitch, and both parties business improves from the process. Website

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