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Community 100 Plus
Fannie Mae
www.fanniemae.com

Program Overview

Community 100 Plus is a program for a conventional conforming fixed rate with a 8 to 30 year term, fully amortizing. This program can be used in all 50 states.

Who is eligible for this program?

All borrowers must live and be employed in the United States. All borrowers must occupy and take title to the subject property. Borrowers investment is $500.00 of their own funds. The seller can contribute up to a maximum of 3% for closing costs (not prepaids). The borrower's income cannot exceed 100% of the area's median income. Income limits are waived when a county/state/local government municipality, housing finance agency or nonprofit organization is providing down payment or closing cost assistance. The income limits that those organizations have established will apply. Funds can be used for home purchases and rate/term refinances. Is this program for first time buyers only? No

Property Eligibility Requirements

This program can be used in all 50 states. The sales price cannot exceed $ 359,650 for the Continental U.S. and $ 539,475 for Alaska and Hawaii. Allowable property types: Eligible property types are 1 unit, PUD's, Condominiums, Modular Pre-Cut/Panelized housing; and Leasehold estates. Ineligible properties are 2-4 units, Co-ops and manufactured homes.

Benefit Details

Loan Term: 8 to 30 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Other mortgage lenders may have their own similar version of this type of loan. However, this particular program is specific to GMAC Mortgage.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.