Houston My Community Mortgage Information

Sheer with friend

The Texas My Community Mortgage Information program was introduced in 2000 by

Fannie Mae.

This program is designed to make it easier than ever to afford a home! In

many cases these loans are made with a small or no down payment. (Up to

100% LTV loans) The rules for credit history are less restrictive than what

most lenders require, and the finance rate is low. There is flexibility on

income source which includes counting boarder income from relatives or

non-relatives. Mortgage insurance (PMI) requirements are low and that

helps keep the monthly payment low. The program is also available for 2, 3,

or 4 unit properties for customers that want to live in one unit and rent the

others out. There is an automated underwriting that results in a fast loan

decision in most cases. This is a program that says YES for many issues that

other lenders won’t accept. The result is home loan approvals for many

family’s that would otherwise not be able to own a home!

Houston My Community Mortgage Information

There are a variety of program options available including fixed loans for

up to 40 years, variable options, and initial interest only. Mortgage Information

There is also an option for a 2-1 interest rate buy down to make your

payments extra low the first 2 years. Condos and co-ops are eligible.

For 2007 the Houston area the My Community Mortgage household income

limit is $60,900. The maximum loan size is limited to $417,000.

Texas residents can find more information at my Houston My Community

Mortgage website. You can also call my office at 281-537-7800.

Source by Glenn Lamb


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