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Community Solutions, an Option under MyCommunityMortgage

For Teachers, Police Officers, Firefighters, Health Care Workers, and Eligible Military Personnel

Are you a teacher, police officer, firefighter, health care worker, or member of the United States Armed Forces who could use extra help buying a home? If so, MyCommunityMortgageTM with the Community SolutionsTM option might be right for you. With MyCommunityMortgage, you may need little or no contribution from your own funds; funds for down payment and/or closing costs can come from gifts, grants, or loans from relatives or nonprofit groups; employerassisted housing; or a secured loan from a lender. And, your lender will work with you to consider all types of income and credit histories to help you qualify for the mortgage you need.

Is this Mortgage Right for You?

If you are a teacher, police officer, firefighter, or health care worker or other employee in those fields, or an active or retired member of the military, and any of these situations describes you, MyCommunityMortgage with the Community Solutions option might be a good fit:

  • You have limited savings for a down payment and/or closing costs.
  • You have access to other sources of funds, such as gifts or loans from family members or your employer.
  • You do not have a “traditional” credit history, but can show other ways you have handled credit well, such as paying rent.
  • You would benefit from a temporary interest rate buydown that would make your monthly payments lower for up to the first three years of the mortgage.
  • You have regular part-time or overtime income that will help you to qualify for a mortgage.

How Community Solutions Works

MyCommunityMortgage with the Community Solutions option is available to help you buy or refinance a single-family home or condo or a two-family home that you will live in as your primary residence.

Income that can qualify you for mortgage approval includes many sources besides wages, such as part-time or overtime income and boarder income from relatives or nonrelatives. Proof that you handle credit responsibly can include rent payments; payments for electricity, water, or other utilities; or other payments you make on a regular basis.

MyCommunityMortgage with the Community Solutions option is available throughout the United States. Borrowers in lower-cost areas of the country may face maximum income limits, but income limits are higher in more expensive areas and rural areas. There are no income limits in certain inner-city areas. Your lender can tell you about income limits in your area.

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