March 5, 2015

REMN Wholesale is pleased to announce we are enhancing our Fannie Mae Conforming guidelines to include 97% LTV first time home buyer MyCommunityMortgage program option.

97% LTV MyCommunityMortgage (MCM) First Time Home Buyer

97% LTV first time homebuyer is eligible under MCM as follows:

  • None of the borrowers own any other real estate at time of funding/closing
  • At least one borrower is a first time home buyer and will occupy the subject property (first time homebuyer defined as a borrower who has not had an ownership interest, sole or joint,  in a residential property in the previous 3 years)
  • Borrower(s) income does not exceed the following:
  • 100% of area median income (AMI), or
  • 115% in non-metro areas, or
  • High-cost area limits as detailed on the Fannie Mae MyCommunityMortgage® matrix under the Borrower Income Limits
  • Property is a 1-unit primary residence
  • Fixed rate only with a 15, 20, or 30 year loan term
  • DU “Approve/Eligible” is received
  • Conforming loan amount only
  • Maximum 97% LTV/CLTV/HCLTV. CLTV  may only exceed 97% if the second lien is a Community Seconds (maximum 105% CLTV)
  • 18% mortgage insurance coverage required
  • Borrower contribution not required; down payment and closing costs may come from gifts, grants, qualified employer assistance or Community Seconds mortgage.
  • Reserves determined by DU. Currently gift funds are ineligible to satisfy reserve requirements.
  • Home buyer education is required as follows:
  • At least one borrower must complete an acceptable home buyer education and counseling program prior to purchasing a home if all borrowers are a first-time home buyer
  • All education and counseling must be provided by a third party that is independent of REMN Wholesale.
  • Loan meets all other REMN Wholesale requirements

This enhancement is effective with loans submitted to REMN Wholesale on or after January 28, 2015.

As a reminder, the loan must have an “Approve/Eligible” Finding from DU Version 9.2 to be eligible for 97% LTV MCM first time home buyer.

The Fannie Mae Agency Conforming matrix has been updated with this information and posted on the REMN Wholesale website at

Brokers MUST indicate the loan is a My Community Mortgage on the submission cover sheet. The current version of the cover sheet must always be used, and can be found on the REMN Wholesale website at

IMPORTANT: It is imperative that the Broker emails when locking the loan as a My Community Mortgage. Failure to do so may jeopardize the lock.

If you have any questions, please contact your Account Executive.