Community reinvestment act

[Brandon Hotopp]

It's hard to find too much information on the community reinvestment act . Has anyone used it before and how does it work ? What are the terms and rates ? Does it go off of credit ? How can I apply for some CRA funds? So many questions and no answers . Thanks in advance for your help.

[Chris Mason]

Owner occupant only. 3% down with PMI that drops off, unlike FHA MI which is there for the life of the loan. Fannie Mae rates are always a little higher than FHA, but for good FICO scenarios the PMI will be a crap ton less.

Commercial: http://fanniemae2.articulate-online.com/p/50703331...

Map of income limits, by census tract: https://homeready-eligibility.fanniemae.com/homere...

Any Fannie lender with an IQ greater than a mousepad can offer it, but homebuyers in California should of course pretend it's some amazing thing that only I offer. :P

Realtors would get pissed at me if I started writing census tracts on preapproval letters, which is why you do not hear a lot about it.