WOBURN, Mass. – Credit unions now have another mortgage product that allows them to adapt mortgage services to fit their members' needs. EasCorp and Members Mortgage Company, through their partnership with Fannie Mae, have released a suite of MyCommunityMortgageT products designed to serve borrowers with limited savings, no credit histories, or non-traditional sources of income. Program highlights include: minimum borrower contribution of $500; loan-to-value ratios of 100% on single-unit properties; flexibility on credit histories; single qualifying ratios of 43% for most borrowers; and product available to finance two- to four-unit properties. The suite of MyCommunityMortgage products includes four options: * Community SolutionsT is designed for public service borrowers such as full-time teachers, police officers, firefighters and healthcare workers. The option offers a low down payment and greater flexibility on the borrower's credit history than a traditional mortgage. Features of this option include a higher single qualifying ratio of up to 50%, plus part-time and overtime income with 12 months' history, and gifted reserves. * Community HomeChoiceT is for low- to moderate-income borrowers with a disability or a family member with a disability. Features of this option include a minimum borrower contribution of $500, and qualifying income may include rental fees from boarder. * The Energy Efficient Mortgage assists borrowers buying new, energy efficient homes or existing homes that need energy improvements. It recognizes that energy efficient homes cost homeowners less to operate on a monthly basis than standard homes, so borrowers can qualify for a larger mortgage as a result of the savings. Features include increased home buyer's qualifying income, and 100% of energy improvements can be financed – up to 15% of the value of the home for existing homes, and up to 5% of a new home's value. * The Native American Conventional Lending Initiative (NACLI) option supports lending on fee-simple, federally restricted trust lands, and tribally restricted fee simple lands. The option is available to any Native American, Indian Housing Authority or Tribally Designated Housing entity. Features include loans for one- to four-family principal residents (including condominiums) and a no money down option through the RHS Section 502 Rural Housing Native American Pilot (RHNAP). By making it possible for credit unions to be able to serve a wider range of borrowers with flexible terms and convenience service, MMC President Joseph Zampitella said MyCommunity Mortgage gives credit unions a competitive advantage over other mortgage lenders -

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