What is the Community Home Buyers program? The Community Home Buyers loan program is sponsored by the Federal National Mortgage Association, commonly referred to as Fannie Mae, and administered through participating direct lenders. Fannie Mae’s Community Home Buyers program has an income cap of 120 percent of the area’s median income. In addition, the borrower must attend a seminar on home ownership and the home buying process. It is not geared only for first-time home buyers, unlike many of the other low-down -payment programs on the market. This loan program allows for 97 percent financing. The borrower may put down as little as 3 percent of his or her own money, with the remaining 2 percent coming in the form of a family gift or loan from a government or nonprofit agency. For more information, call Fannie Mae at (800)732-6643.