Fannie Expands 'MyCommunityMortgage'

Fannie Mae has introduced the "MyCommunityMortgage" product, previously available to housing finance agencies, as a flexible-terms supplement to current mortgage revenue bond programs for low- to moderate-income borrowers and communities offered by some HFAs.Announced at the National Council of State Housing Agencies Spring Workshops in Portland, Ore., MCM is designed for the unique homebuying needs of underserved borrowers. "As housing finance agencies develop strategies to extend their reach to more first-time homebuyers, many are discovering that penetrating minority, new immigrant, and other underserved markets is a core element of future growth and business success," said Julie Gould, vice president of community lending at Fannie Mae. MCM allows HFAs to provide borrowers with 100% loan-to-value options, the possibility to contribute as little as $500 in personal funds, flexible income sources, nontraditional credit histories, and other flexible approval criteria.