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10721 Jackson Lane, Frisco TX 75035

Phone: (214) 387-0683       Fax: (214) 387-0185       Email Us


My Community Mortgage


An Affordable, Flexible Mortgage for Underserved Markets


Mortgage lenders know that penetrating minority and other underserved markets is no longer just a community lending objective or a special market niche—it’s a core element of future growth and business success. 

My Community Mortgage (MCM™) helps lenders serve low- and moderate-income borrowers and communities with flexible terms and many options. MCM is now available to all approved Fannie Mae lenders as a standard Selling Guide product! Plus we’ve added a 40-year term and options for an initial interest-only period.

 My Community Mortgage loans may be underwritten through Desktop Underwriter® (DU®) or manually,1 and the 95 percent minimum CLTV for DU underwriting has been removed.

My Community Mortgage Highlights

No minimum borrower contribution (one-unit)

      Low mortgage insurance coverage requirements: 20% for 100% LTV, 18% for 97% LTV

Up to 100 percent LTV ratio (one-unit)

Up to 40-year term and options for initial interest-only period

Eligible for 2-1 temporary interest rate buydown (one- or two-unit)

Eligible for Community Seconds® or standard subordinate financing

Qualifying Community Seconds can be treated as a gift rather than a subordinate lien (DU only)

Flexibility on credit histories, nontraditional credit accepted

Income-source flexibilities, including boarder income from relatives or nonrelatives

For borrowers at or below 100 percent of area median income,2 with higher limits in high-cost and rural areas and for the Community HomeChoiceTM option; income limits waived in FannieNeighbors® areas

Many parishes/counties in 2005 hurricane-damaged areas of Louisiana, Mississippi, Alabama, and Texas are now eligible for FannieNeighbors 

Eligible one-unit properties include condos, co-ops

Available for 2-, 3-, or 4-unit properties for borrowers who want to live in one unit and rent out the others


  These options offer even more flexibility:

Community SolutionsTM option for teachers/educational institution employees, police officers, firefighters, health care workers (eligible for higher ratios and gifted reserves)

Community HomeChoice option for borrowers with a disability or who have a family member with a disability who may need greater underwriting flexibilities, including non-occupying co-borrowers

     Available under mortgage revenue bond programs offered by Housing Finance Agencies

     Additional mortgage insurance flexibility is available through Self-Help’s Community AdvantageTM Channel (Community Advantage is a trademark of Self-Help)


Target Audience for My Community Mortgage


My Community Mortgage is ideal for borrowers with limited funds for down payment and closing costs and those needing extra flexibilities on credit, income sources, or access to special options.


For borrowers who:

My Community Mortgage delivers:

Have limited savings and/or cash assets


No minimum contribution from the borrower’s own funds


Eligible for 2-1 temporary interest rate buydown

Up to 40-year term and options for initial interest-only period

o Interest-only options: 30- or 40-year FRM with 10-yr IO period; 35-yr FRM with 5-yr IO period; 5/1 ARM (2/2/5 caps) with 10-yr IO period

Flexibility on reserves

Cash on-hand is an acceptable source for down payment and closing costs

Standard Fannie Mae guidelines pertaining to flexible sources of funds for closing costs and any remaining down payment, if necessary (generally, a gift from a family member; or a grant or loan from a nonprofit organization, municipality, or employer)


Do not have credit 

Alternative credit evaluation, including:

Nontraditional credit allowed, with only three lines of verified nontraditional credit required

Consideration of some income from a co-borrower without a credit history


Have nontraditional income sources

Sources that may qualify include:

Rental payments from boarders, including nonrelatives

Public benefits such as Social Security Disability Income 




2006 Conforming Loan Limits

Number of
Maximum original
principal balance
Alaska, Guam, Hawaii,
and U.S. Virgin Islands only
1 $417,000 $625,500
2 $533,850 $800,775
3 $645,300 $967,950
4 $801,950 $1,202,925



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10721 Jackson Lane, Frisco TX 75035

214-387-0683EMAIL: info@brown-lending.com


"Your reliable Dallas Mortgage Broker and specialist on Texas Mortgage Rates and Home Mortgage Loans."



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