Community solutions 97 question.

[murphs5150]

Doing alot of reading here lately and hope to purchase a home next summer. Came across this that someone posted about, Community solutions 97 mortgage from fannie mae.

 

http://www.efanniemae.com/hcd/single_famil...olutions97.html

 

My wife works in a high school as there computer tech. If I'm reading this right this is loan is not only for teachers. Heres what it says.

 

 a full-time employee at the elementary or secondary education level in a public or private school (in any capacity, including but not limited to teacher, administrator, librarian, counselor, administrative support and custodial staff) who is either (i) state certified, (ii) in the process of becoming state certified, or (iii) employed by a school that is recognized by a state or accredited by a state or regional accrediting association

 

I believe she would fall into the administrator support section, she wouldnt be state certified, so I'm guessing she would be under iii. Anyone know about this part?

 

Our bk will be 2 years old in Nov and our scores are in the low-mid 600's. Were just starting to save so downpayment is very low This looks like a great loan for us or I could be wrong. Anyone have any info on this type of loan or has anyone ever done one like this?

 

Thanks for any responses, and if I'm wrong and its only for teachers :oops:

[willtygart]

This is not just for teachers and you need 5% of your own funds. Here is the deal.......the HWOLE list of programs tht were on the links..........your broker/lender can upload your file to fannie mae and work all the different scenarios that you could fit into. This is done automatically and there might...and I am thinking of some now...be better programs from fannie mae that you would qualify for. You guys are in better shape then you think even right now. Good luck! :wink: