The My Community Mortgage is another great 3% downpayment conventional program for low to moderate income homebuyers – first time buyers , can not own any other property, downpayment can be a gift, mortgage insurance is lower than FHA, homebuyers counseling is required, seller may contribute 3% of sale price for buyers closing costs, points and prepaids. Two unit properties that will be owner occupied can be purchased with 5% down and 3% of the 5% must be borrowers own funds- other 2% of downpayment can be a gift.
Another great alternative to FHA financing since FHA loans will be more expensive with all case numbers ordered as of April 9, 2012. Upfront mortgage insurance is going from 1% to 1.75% and monthly mortgage insurance is going from 1.15% to 1.25%.
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Feel free to apply for loan application or preapproval-www.firstplacebank.com/lizschneider.