mycommunitymortgage

Hi Berkner,

MyCommunityMortgage can help low income borrowers to qualify for mortgage and fulfill their dreams of becoming a homeowner.

Those who can qualify can get 100% finance and has the following other features:

• Flexibility on a person's credit history and non-traditional credit history is also considered.


• For most cases, cash reserves are not required at closing.


• Term could be up to of 40 years.


• Option for a person to select interest only payments for the first 5 or 10 years.


• No requirement of minimum borrower contribution.


• Boarder's income can be considered as source of income even if that person is not related to borrower.


• Overtime & part time income is considered.


• Gift from a family member, borrower's own funds, loan or grant from employer or a non-profit organization can be the source of funds to be used towards closing costs & downpayment.


• Can purchase a single family home which includes a co-op or a condo or a 2-3-4 family home so that borrower can live in 1 unit and rent the other sections.

Miller

Hi Berkner,

Welcome to Mortgagefit forum.

Some of the other features related to mortgage insurance requirement for MyCommunity Mortgage are:

# For 100% Loan to Value - 20% coverage
# For 97% Loan to Value - 18% coverage and
# For other Loan to Value ratios above 80% 6-16% coverage

I did like to share some details about this program, insurance coverage is divided like;
"6% for 80.01–85.00% LTV
12% for 85.01–90.00% LTV
16% for 90.01–95.00% LTV
18% for 95.01–97.00% LTV
20% for 97.01–100% LTV"

and some of the loan terms available are:

"5/1, 7/1, and 10/1 ARMs (CMT or LIBOR), terms to 40 years.
Interest-only options:
30 or 40 yr FRM with 10 yr IO period;
35-year FRM with 5-year IO period;
30-year 5/1 ARM (2/2/5 caps, where the initial adjustment cap is 2%, the subsequent adjustment cap is also 2%, while the lifetime cap is 5% above the initial rate.) with 10-year IO period;
Fully amortizing FRM, terms to 40 years."
But 3 and 4 unit properties are not eligible for adjustable rate mortgages.

Thanks
Blue

For some reason, nobody has shared the fact that there are either household income restrictions or property location requirements.

You must have houshold annual pre-tax income of no greater than 100% of the area median income.

OR

Be financing a property located in a designated LOW or MODERATE income census tract.

Read more at fannie mae's website: https://www.efanniemae.com/sf/mortgageproducts/mcm/index.jsp?from=hp#

For area median income limits check here: http://www.huduser.org/datasets/il/il2007_docsys.html

to determine if a specific property is in a low or moderate income census tract enter it here: http://www.ffiec.gov/Geocode/default.aspx

good luck

Yes Ken missed out on informing Berkner on that :D

hello,
we are looking to get a loan to purchase our 1st home, but we have very low credit scores and it is under 500 with 607 being the highest, but not the middle score.
Plse let us know if you can help us.

Thankyou

Cindy you need to contact Sam to know if you can get a loan with your credit profile. Send him a mail and he will let you know. You will get his mail id from here : http://www.mortgagefit.com/contactus/

Thanks
Blue

Hi Cindy,

Welcome to our forums.

There's no need to worry if you have a low score. Nowadays there are several loan programs offered to people having no or low credit scores.

You can try out with our community lenders. The lenders offer loan programs of varied choices to people having different scores and income. If you are interested, send in your request for free mortgage quotes. We shall forward it to our community lenders and then shall contact you if they are able to match their profiles with your loan requirements.

Good luck :)