With all of the mortgage guideline changes the past few weeks I want to reassure Florida first time home buyers.  Fannie Mae has several conventional fixed rate mortgage programs that are aimed at placing first time buyers into their dream home.

One of these programs is the My Community Mortgage.  This fixed rate mortgage is available for Florida first time buyers that have low to moderate income levels.  In fact, you can structure your fixed rate mortgage to take advantage of interest-only payments for the first 10 years.  This allows for a lower fixed monthly payment while giving you the opportunity to prepay the principal on your own schedule.

This Fannie Mae mortgage program can be obtained without any down payment and the funds for closing costs can come from many sources.  These include a gift from a family member; a grant or loan from a non-profit organization, municipality, or employer; or your own funds.  Credit histories and income sources are  given more flexible considerations.  For those buyers without credit; non-traditional credit can be utilized.  Boarder income and part-time incomes can be used to help with qualifying debt ratios.

Fannie Mae even has additional options specific to the My Community  Mortgage to assist Florida teachers, police officers, firefighters, and healthcare workers; called the Community Solutions proram.  And for borrowers with disabilities or a family member with a disability you might consider Fannie Mae’s Community Homechoice program.

Of course if you have questions or want to see if you are qualified for this Fannie Mae first time mortgage program; please contact our office.

Stephen Thaggard

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