MCM is a program that I am currently using. I have it coupled with a non-profit down payment assistance program through Colorado (CO Housing and Finance Authority). Because my loan will actually be serviced through CHFA even though it is the MCM program, they set the % at 6.5. I am not sure what the rate would be otherwise.
So far so good for me, but I am not fully through the process yet. You may want to check and see if you have any state first time buyer assistance or low/moderate income assistance programs.
I am happy to give you an update as to how it goes
For some qualified borrowers, the MCM programs allow "Community Seconds" as the ONLY form of subordinate financing. Community seconds are second liens that many cities, counties, states provide for underserved communities, low income borrowers, public servants, etc. for the buyer to have 97%, 100%, 103% financing.