Thursday, May 26, 2011

Kentucky Fannie Mae My Community Loan --Kentucky First Time Home Buyer Loan

Kentucky Fannie Mae My Community Loan --Kentucky First Time Home Buyer Loan

MyCommunityMortgage®(MCM)


Affordable Financing to Serve Low- to Moderate-Income Borrowers


(Max LTV 97%)


Minimum Borrower Contribution (own funds)

$0 (purchase or limited cash out refinance)


Acceptable Sources of Funds for Down Payment/Closing Costs

Personal gifts, gifts or grants from a qualified entity, employer assistance, and Community Seconds® mortgages as defined in the Selling Guide. Minimum borrower contribution from own funds MUST be met before other acceptable sources of funds are permitted.

Cash-on-hand (1-unit purchase transactions only)

Borrower Income Limits

100% of AMI except higher for high-cost areas; 115% in non-metro areas; borrower income limits imposed by other organizations; no income limit in FannieNeighbors® areas

Key Features

Prepurchase Home-Buyer Education and Counseling Requirements

If all borrowers are first-time home buyers or if all borrowers are relying solely on nontraditional credit to qualify for the mortgage loan (regardless of loan product or home-buyer status), at least one borrower must complete pre-purchase home-buyer education and counseling. All education and counseling must be provided by a third party that is independent of the lender and must adhere to the National Industry Standards for Homeownership Education and Counseling or those of comparable quality established by other organizations.



(no manufactured housing)

Owner-occupied principal residence (no condos, co-ops, or manufactured housing)

Mortgage Insurance (MI) Coverage


Up to 97% LTV including the financed MI


Desktop Underwriter® (DU®)

Representative minimum credit scores for manual underwriting (or use enhanced credit evaluation):


660 score

Benchmark qualifying ratio follows Fannie Mae standard Selling Guide (Section B3-6-02) for manual underwriting; additional flexibilities permitted with Community Solutions™ and Community HomeChoice™

Underwriting

Manual Underwriting (Limited waiver of representations and warranties does not apply.)

Reserves for manual underwriting:

© 2011 Fannie Mae. Trademarks of Fannie Mae. 12.21.2010 1

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