The Home Buyer's Korner

Information presented should be used for educational purposes only.

June 27th, 2015

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HO’OPILI~D. R. HORTON AN AFFORDABLE COMMUNITY

FNMA’s Minimum Three Percent Down Payment Program

Condominiums

Get Pre Approved for a Home Loan

FNMA’s My Community Mortgage Program was designed for first time home buyers who only have three percent of the sale price for a down payment, which can be gifted and you should have a minimum FICO score of at least 660, but other than that it would be a great program to discuss with your lender if you think you’d be eligible to purchase a home in the new Hoopili community that’s being designed as an affordable housing community.

The Fannie Mae My Community Loan Program allows home buyers to qualify for a mortgage at conforming interest rates and lower PMI premiums, which could make it more attractive than other programs like FHA’s 3.5 percent down payment program. 

Unlike FHA, the My Community Mortgage Programs requires at least one home buyer to attend an approved First Time Home Buyer Course. 

The program also has special features for Public Safety Workers and Teachers. The concept behind the program is that for a community to be strong, it needs certain fundamental resources and assets within its infrastructure. Those include experts who provide specialized essential services like health care workers, law enforcement officers, firefighters, and schoolteachers.

To create a vibrant, safe, and healthy town or city, you need to attract and retain people who play those key roles. So Fannie Mae wants to make it easier for these folks to buy a home. By doing so, Fannie Mae’s My Community Mortgage initiative helps to ensure the stability and well-being of the entire community.

Fannie Mae lenders can provide you with a full list of the eligibility criteria for various vocations, but the program basically includes teachers employed by state recognized schools, members of state and local law enforcement agencies and fire departments, EMS responders and members of the military. While medical doctors are not eligible, many other health professionals are, including pharmacy technicians, pharmacists, nurses, and medical technologists.

Home buyer’s who participate in this affordable housing program can earn up to 170 percent of the median income for Honolulu. In the latest charts the median income appears to be $95, 800 for a family of four, which could allow families of four with incomes of $162,860 to participate. Furthermore, homes located in neighborhoods designated as “underserved,” have no income limit and the Hoopili development could be eligible for this part of the program. I’ll be researching about this feature by reaching out to D.R. Horton representatives in the coming months about this part of the program, so be sure to bookmark my blog. 

Perks available include discounted interest rates, down payments as low as three percent and as much as six percent in seller credits that can be applied to closing costs and pre-paid taxes and insurance. You can choose between a fixed-rate and an adjustable-rate mortgage and some home buyers can even qualify for a 40-year fixed-rate amortization.

The program has many similarities to the governments FHA program. Fannie Mae allows for a flexible source of down payment and down payment assistance. It can be the home buyer’s cash on hand, but I strongly recommend you be able to document the source, gift from a relative or even from the employer is acceptable.

In addition to relaxing down payment requirement, the My Community Mortgage Program also allows the use of overtime & part-time income to qualify for the loan for the professionals listed earlier in this post.  While most loan programs require two years of these incomes, this program will consider your part-time income if you can document it for 12 consecutive months.

It’s also worth noting that the My Community Mortgage Program is eligible both condominium and town homes the meets Fannie Mae’s minimum property standards and that’s another issue I’ll be asking the D R Horton representatives to see if they intend to secure project approval or if you’ll need to work with a local lender who offers portfolio home loan programs on these multi-family units.

I’ve covered some of the bells and whistles I think make the program attractive and could make the home financing tool the perfect option for the Hoopili Community Development, but the best way to know if it’s right for you is to talk with a loan officer and let me help you find your dream home.

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