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Illinois My Community Mortgage and Wisconsin Fannie Mae My

Illinois My Community Mortgage and Wisconsin Fannie Mae My

This is a discussion on Illinois My Community Mortgage and Wisconsin Fannie Mae My within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; My Community Mortgage (MCM) is a Fannie Mae program that has very flexible credit guidelines for low to moderate income ...

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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

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11-13-2008, 04:04 AM

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Illinois My Community Mortgage and Wisconsin Fannie Mae My ...

My Community Mortgage (MCM) is a Fannie Mae program that has very flexible credit guidelines for low to moderate income borrowers. It is available to purchase or refinance a single-family home, condominium, or a 2 to 4 family home.

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community, fannie, illinois, mae, mortgage, wisconsin

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