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Community Heroes
Qualify Your Local Heroes for Homeownership
More than 25 million credit union Members are Community Heroes: stable, valued professionals whose work is vital to thriving communities. They include:
- Firefighters
- Law enforcement officers
- Educators
- Healthcare workers
- Military personnel
High home prices often prevent these key contributors from living in the very communities they serve. But you can still help your Members qualify – by using affordable home loan products from Fannie Mae and Freddie Mac, insured by CMG MI’s Community Heroes program.
CMG MI will insure mortgages originated under Fannie’s MyCommunityMortgage™ Community Solutions™ and Freddie Mac’s Home Possible® Neighborhood Solution at the reduced MI coverage levels specified.*
Flexible Guidelines to Open Up Opportunity
Eligible Members can boost their buying power using the flexible criteria for these Fannie and Freddie programs:
- Up to 100% LTV
- Expanded debt-to-income ratios
- Flexibility on income sources, including part-time or overtime income, and boarders
- Nontraditional credit
- Reduced coverage levels for MI
- Down payment and closing cost funds can come from gifts, grants or loans from relatives or nonprofits
- Quick approvals and streamlined documentation
Homebuyers will love:
- A smaller monthly payment – more peace of mind!
- Both purchases and refinances eligible
- No cash needed at closing for MI premium with financed Single Premium option
- Ability to cancel when equity reaches certain level†
- Equity kept available for emergencies, not tied up in piggyback 2nd
- MI premiums are 100% tax-deductible for Members with adjusted gross incomes up to $100,000 through 2010!‡
Your Credit Union Will Love:
- Qualifying more Members who will spread the word – great referrals!
- Insured loans that are salable on the secondary market – enhancing your liquidity!!
- Rates available for Standard Monthly, Standard Single Premium and A-Minus Monthly
Help the people who spend their lives helping others -- with CMG MI’s Community Heroes!
* In compliance with Fannie Mae and Freddie Mac criteria for these programs
†Cancellation applies to borrower paid MI, as specified in the federal Homeowners Protection Act and any applicable state laws
‡Based on transactions closed in 2007-2010, and MI premiums allocable to those years. Deductions are phased out in 10% increments for borrowers with adjusted gross incomes between $100,000 and $109,000.
CMG MI cannot provide tax advice. Taxpayers should consult their own tax advisors concerning applicability of this new deduction to their particular circumstances under the Internal Revenue Code and the laws of any other taxing jurisdiction. This information is not intended or written to be used, and it cannot be used, for the purpose of avoiding U.S. federal, state or local tax penalties. |