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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 house! In many cases, these loans are taken out with a small or no down payment. (Up to 100% LTV Loans) Credit history rules are less restrictive than what most lenders require, and the financing rate is low. There is flexibility in the source of income, including counting the income of relatives or non-relatives. Mortgage insurance (PMI) requirements are low, which helps keep the monthly payment low. The program is also available for 2, 3 or 4 unit homes for customers who want to live in one unit and rent out the other. There is an automated acceptance that in most cases results in a quick decision on a loan. This is a program that says YES to many issues that other lenders won’t accept. The result is the approval of a home loan for many families who otherwise could not own a home!
Several program options are available, including fixed loans for up to 40 years, variable options and initial interest only. There is also a 2-1 interest surrender option to make your payments extra low for the first 2 years. Condos and co-ops are eligible. For 2007 in the Houston area, the My Community Mortgage household income limit is $60,900. The maximum loan 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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