I need refferal for a lender who works with my community loan or my community choice program by fannie mae.

Asked by 35243, Alabaster, AL Fri Nov 4, 2011

my income is social security disability, my community loan or my community home choice programs by fannie mae are the ones that might be able to help me get approved for a home loan; but, none of the lenders i have calle here in birmingham alabama know about this loan or have work with them. i contacted fannie mae, reffered me back to the web site were the same lenders are listed. can somebody please help me find a lender that knows what im taling about willing to work with me on getting me approved for a loan? thanks in advance for your answers

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, ,
Fri Nov 4, 2011
We offer the MyCommunity Mortgage loan program and it can be a pretty good option for some people - 97% financing, reduced mortgage insurance rates, can use down payment assistance/community 2nd mortgage to help with the down payment, no liquid reserve required for 1-unit, and a 700 score needed for just 3% down or otherwise it's 680 until you have 20% down with us. It's even a little more flexible with the debt to income ratios.
3 votes
melissa A RA…, Renter, New York, NY
Fri Oct 16, 2015
I am for ark I need community homechoice u can call me at 4792638703
0 votes
sales 3611 , Agent, Parsippany, NJ
Thu Jul 3, 2014
http://www.mycommunitybroker.com mortgage guy

my community broker 631.620.3050
0 votes
, ,
Thu Mar 20, 2014
FYI for anyone landing on this post . MyCommunity Mortgage increased their down payment requirement to 5% (95% LTV). But can still be combined with a down payment assistance program.....and even allows cash on hand to be used to pay closing costs or the down payment.

To read more funky details about the MyCommunity Mortgage, read this ==> http://homeloanartist.com/2014/03/mycommunity-mortgage/

Hope that helps.
0 votes
Stella Esdale, Agent, Birmingham, AL
Wed Jan 15, 2014
Joe Meadow TJC mortgage. 205-776-8401
0 votes
Cyndi, Renter,
Tue Nov 5, 2013
November 2013, I pray you can answer my question. I am unable to find a lender in Illinois. Did you find out where to find a lender?
0 votes
Cyndi,

It appears you are responding to a message from a couple of years ago. Fannie Mae no longer allows 3% down-- as of late last year, the minimum down payment is now 5%. However, depending on where you are looking in Illinois, we still have a program that will allow for 3% down and No PMI! Please contact me at 773-230-8656 for more information. Thanks.

Jeff
Flag Tue Jan 21, 2014
, ,
Fri Nov 4, 2011
There are plenty of lenders offering conventional PMI options with 3% down, I close them every month.
0 votes
Stella Esdale, Agent, Birmingham, AL
Fri Nov 4, 2011
Please call or email Alana Beaugez, 205 381-1615, or email her at Alana@hpmortgage.biz. She is great at helping clients with loans that may present themselves to being slightly different. If it is available in Birmingham, she will find it for you. There are 100% loans available in some areas of Birmingham. There is also bond money available that could help with down payment or closing cost. If you need an experience Realtor to help work with you and help find you the best program for you, please feel free to email or call me.

Stella Trott Esdale
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http://www.stellatrottesdale.com
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http://www.facebook.com/stellaesdale
0 votes
, ,
Fri Nov 4, 2011
Why do you think My Community will be your best option?

Fannie Mae's My Community Mortgage requires mortgage insurance. Since late 2007, mortgage insruance has not been available for loans with only 3% down. Some MI companies are jsut now starting to offer 5% down options. The reason most lenders dont seem to know about it, is that it really have not been offered in close to 4 years.

FHA will most likely be your best option. The down payment is 3.5% of the sales price.

USDA is 100% financing, but is only available in certain areas.

All of my contact info is below if you would like to see what you will qualify for.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference:  http://www.rodneymason.com
0 votes
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