Houston My Community Mortgage Information
The Texas My Community Mortgage program was introduced in 2000 by Fannie Mae. This program is designed to make it easier than ever to pay for a home! In many cases, these loans are made with little or no down payment. (LTV loans up to 100%) The credit history rules are less restrictive than most lenders require and the financing rate is low. There is flexibility in the source of income, which includes counting the income of residents of relatives or non-relatives. Mortgage insurance requirements (PMI) are low and that helps keep monthly payments low. The program is also available for 2-, 3- or 4-unit properties for clients who want to live in one unit and rent the others. There is an automatic underwriting that results in a quick loan decision in most cases. This is a YES program for many problems that other lenders will not accept. The result is home loan approvals for many families who could not otherwise own a home.
There are a variety of program options available including fixed loans for up to 40 years, variable options, and initial interest only. There is also the option to lower the interest rate from 2-1 so your payments are lower for the first 2 years. Condominiums and cooperatives are eligible. For 2007, the Houston area, the My Community Mortgage household income limit is $ 60,900. The maximum loan amount is limited to $ 417,000.
Texas residents can find more information on my Houston My Community Mortgage website. You can also call my office at 281-537-7800.
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