Tacy Nichols

Tacy Nichols
Mortgage Consultant
Southern California
DRE License # 01144923

(909) 376-1334

MyCommunityMortgage

MyCommunityMortgage™ – Now better than ever!

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. MyCommunityMortgage (MCM®) helps lenders serve low- and moderate-income borrowers and communities with flexible terms and many options.

MyCommunityMortgage 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, and eligible military personnel (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)

 

---

Please call me to discuss your needs, goals and even your crisis. The home market is a very different place today. With 18 years in the business, I have the answers and the resources to get the job done.

Have a blessed day.
Tacy Nichols, Mortgage Consultant, (909) 376-1334