MyMontanaMortgage Program

Back by popular demand!

**Program extended**

Brief Description: The MMM is the end result of a unique partnership between MBOH, our lenders, and Fannie Mae to blend the below-market rate from MBOH with expanded underwriting from Fannie Mae. This program is targeted to four (4) specific groups, including:
1) Native Americans
2) Section 8 Homeownership Program clients
3) households where someone has an ADA-defined disability
4) and full-time employees in essential community services, such as educators, firefighters, law enforcement and medical staff.

Borrower Eligibility Criteria:
 Homebuyer Education required, including commitment to early delinquency counseling
Borrower income must fall at or below 80% of area median income for the household size (click here to see income limits for each Montana county)
First-time homebuyer(s); waived for targeted area
Home must be primary residence for the life of the loan
No asset limitations

Must be one of the following:
Native American
Section 8 Homeownership Program client
One or more household member with an ADA-defined disability
Full-time employee in law enforcement, firefighting, licensed medical provider, or in school system

Property Criteria:
Single Family home, townhouse, or condo (manufactured homes ineligible)
Purchase Price Limit of $237,031
Limit of 15% use for Business
Land limited to 35% of value of property
Maximum parcel size of 40 acres, with no subdivision of land possible

Loan Criteria:
Maximum Loan Amount is $200,160
Current set-aside rate (5.5% as of 06/06)
30-year fixed rate loan, with no origination or discount points charged at closing
IRS recapture potential
Buy or build
Hazard insurance $1,000 deductible all peril; escrow for tax and insurance

Underwriting Criteria:
Per Fannie Mae guidelines for MyCommunityMortgage Product http://www.efanniemae.com/

Down payment Sources:
Must be approved Fannie Mae source (click here )

Mortgage Insurance Information:
According to Fannie Mae underwriting criteria

Lender Reservation Process:

Before submitting a reservation to MBOH, please read the steps to using MMM: MMM steps

Fax reservation to MBOH including:
MBOH My Community Mortgage fax cover sheet
MMM Compliance Package Checklist
Fannie Mae Special Feature Code

Special Reservation Criteria
Loan reservation is not automatically approved. Must submit documentation of eligibility in one of four target groups before reservation can be approved.

updated 1/17/08

This is a summary of the MBOH program only. For a complete copy of the terms and conditions see Mortgage Purchase and Servicing Guide and the Terms and Conditions of the set-aside