My Community Mortgage
The My Community Mortgage is a "new affordable home loan solution" that can be beneficial for the needs of first-time homebuyers, lower income households or people who don't want to use savings for their down payment or closing costs. The My Community Mortgage program will allow you to save money on your monthly payments, and reduce mortgage insurance.
Why a My Community Mortgage?
The My Community Mortgage is a "new affordable home loan solution" that can be beneficial for the needs of first-time homebuyers, lower income households or people who don't want to use savings for their down payment or closing costs. The My Community Mortgage program will allow you to save money on your monthly payments, and reduce mortgage insurance.
My Community Mortgage Benefits
- No minimum borrower contribution
- Terms up to40 years
- Lower initial monthly payments with a 5-year or 10-year interest-only period
- Down payment and closing costs can come from a wide range of sources
- Loan-to-value ratios on the first My Community mortgage up to 97 percent for allowed single unit properties
- A Community Second Mortgage may be added to a My Community first mortgage to a Combined Loan to Value (CLTV) up to 105%.
- This combined My Community Mortgage program can result in a zero down payment.
Explore other options: Lender Paid Mortgage Insurance, VA Home Loans, No Down Payment Mortgages, and Adjustable Rate Mortgage.