Thursday, February 12, 2015

My Community Loan Program offer 0% And 3% down Payment Programs

Loans under the My Community Initiative offer home buyers and home owners fewer eligibility restrictions, and several loan options. These programs are often great for first time homebuyers.

My Community programs offer much more flexible underwriting guidelines, especially in regards to credit score and down payment requirements. The My Community Loan Programs offer 100% and 97% loan to value programs, which means that they have 0 down and 3% down programs available. These programs usually do not require any borrower contributions of money put into the transaction which many other conforming programs will require at least $500 of the borrower's own funds.

The My Community Loan Programs also allow for reduced PMI premiums in some cases as well. This reduces your monthly mortgage payment significantly if you qualify.

2-4 Unit properties are considered under the My Community Program with as little as 3% down. The property must be owner-occupied to qualify.

My Community mortgage programs are available with a variety of options which are designed to address several of the most common obstacles homeowners face when buying a home:
  • - MyCommunity mortgages have options to help minimize or alternatively document Cash for Down Payment and closing costs
  • - My Community mortgages allow for more flexibility when qualifying for the minimum payment on the new home loan using your income
  • - My Community mortgages allow borrowers to have lower minimum credit scores than most other home loan programs
To qualify for a My Community mortgage, the borrowers' income may not exceed the program's income limit. However, for homes located in neighborhoods designated as "underserved," there is no income limit.

My Community Mortgages are also available for refinance loans in which only the Rate and Term of the loan is changed with less than $2,500 cash out.

When you are ready to look for a new home, you can count of the expertise of the Foster Beckman Group to help you through every step of the buying process, including finding a qualified lender! For more information, please contact Beth today at 702.672.6791.