Fannie Mae announced it will make its MyCommunityMortgage product available to housing finance agencies. The product can be used to supplement mortgage revenue bond programs some housing finance agencies use to serve an increasingly diverse population of low- and moderate-income borrowers and communities.

The availability of MyCommunityMortgage for these agencies was announced Friday at the National Council of State Housing Agencies Spring Workshops in Portland, Ore.

“We’re excited that Fannie Mae is announcing MyCommunityMortgage for HFAs at our NCSHA Spring Workshops. We look forward to continuing to work with Fannie Mae on this and other new and innovative initiatives,” said NSCHA Executive Director Barbara J. Thompson.

MyCommunityMortgage can help housing finance agencies provide borrowers with more flexible terms, such as allowing a contribution as low as $500 from the borrower’s own funds, loan-to-value ratios of up to 100 percent, flexible income sources, and nontraditional credit histories, among others. The program is available through Desktop Underwriter, Fannie Mae’s automated underwriting system.

The Community Solutions option of MyCommunityMortgage allows educators, police officers, firefighters, and health care workers a shorter history of part-time and overtime income when qualifying for a mortgage and a temporary interest rate buy down. The Community HomeChoice option is designed for borrowers who are disabled or have a family member who is disabled and in need of greater underwriting flexibilities. MyCommunityMortgage also offers special flexibilities in rural areas, such as allowing income limits of 115 percent of the area median income versus the 100 percent area median income typically allowed in other areas.

“As housing finance agencies develop strategies to extend their reach to more first-time home buyers, 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. “Fannie Mae looks forward to partnering with housing finance agencies to make MyCommunityMortgage available in their region.”


Send tips or a letter to the editor to or call (510) 658-9252, ext. 124.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription