Houston My Community Mortgage Information
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 home! In many cases, these loans are made with little or no down payment. (Loans up to 100% LTV) Credit history rules are less restrictive than most lenders require, and the financing rate is low. There is flexibility in the source of income that includes counting family or non-family border income. Low mortgage insurance (PMI) requirements help keep your monthly payment low. The program is also available for 2, 3 or 4 unit properties for clients who wish to live in one unit and rent the others. There is an automated underwriting which results in a quick loan decision in most cases. This is a program that says YES to many things that other lenders will not accept. The result is home loan approvals for many families who might not otherwise be able to own a home!
There are a variety of program options available including fixed loans for up to 40 years, variable options, and initial interest only. There is also an option for a 2-1 interest rate reduction to keep your payments lower for the first 2 years. Condominiums and cooperatives are eligible. For 2007, the My Community Mortgage household income limit in the Houston area is $60,900. The maximum loan amount 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.
