Industry News

Fannie to help housing finance

Agencies to get MyCommunityMortgage product

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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 nontradition...