Financing in Illinois>Question Details

Diane Willson, Home Buyer in Aurora, IL

My husband and I have been pre-approved for a My Community Mortgage. All we were told is that we need to put

Asked by Diane Willson, Aurora, IL Sat Mar 8, 2008

5% down, they pay 50% of the PMI and the property has to be move-in ready. After reading some things from FAnnie Mae and other sites it looks like you don't have to put anything down. Can anyone give me more information on this type of loan. We live in Illinois and I'm not sure if rules.restriction vary from stsate to state, but I need clarification on this type of loan. Please help!

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4
My Community can be a bit different betwen lenders as they apparently negotiate seperately with Fannie Mae. I have a nice 2 page outline comparing My Comunity & Home Possible programs which both offer 100% LTV. Please let me know if you would like me to fax it to you. I also have a blog on my community you may find helpful.

http://localism.com/article/133262/My-Community-Loan-Pograms…

Greg Zaccagni
1 vote Thank Flag Link Sat Mar 8, 2008
If you are in a declining market, or what is deemed a declining market by fannie mae you will have to put 5% down. If you are not in a declining market you can go 100% financing.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Mon May 19, 2008
I know my community loans well. 100% is still available but could be going to 97% soon. The seller can pay closing cost. You need 500.00 into the transaction. Income limits are 74-76k???
0 votes Thank Flag Link Sat Mar 29, 2008
Diane.....

Some of the FNMA & Freddie Mac loans are requiring 5% down due to the loan restructuring that is going on changing the LTV on their loans.
0 votes Thank Flag Link Sat Mar 8, 2008
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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