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The Texas Mae Community Mortgage Program was introduced by Fannie Mae in 2000. This program is designed to make buying a home easier than ever! In many cases these loans go for low or no down payment. (Up to 100% LTV loans) Credit history terms are less restrictive than most lenders require, and finance rates are lower. There is flexibility on the income source including whether to count boarder income from relatives or non-relatives. Mortgage insurance (PMI) requirements are low and this helps keep monthly payments low. This program is also available for 2, 3 or 4 unit properties for customers who wish to live in one unit and rent out the others. There is an automated underwriting which results in a faster loan decision in most cases. This is a program that says yes to many issues that other lenders will not accept. This has resulted in home loan approval for many families, who otherwise would not have been able to own a home!
A variety of program options are available, including fixed loans up to 40 years, variable options and initial interest only. There is also the option of purchasing a 2-1 interest rate to further reduce your payments over the first 2 years. Condos and co-ops are eligible. My Community Mortgage household income limit for 2007 in the Houston area is $60,900. The maximum loan size is limited to $417,000.
texas resident more information my Houston My Community Mortgage Website. You may also call my office at 281-537-7800.
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