My Community Mortgage- a great opportunity for buyers with less than 720 credit scores to lower their payment

Pricing is the same or better than a conventional loan- especially for those buying condo’s and have lower credit scores since those buyers are charged points based on their credit score- points are capped at .75 point.

Reduced mortgage insurance

Buyers must be first time buyers and can not own any other real property

Minimum credit score 620

Maximum loan amount $417000

First time buyers must take home buyers counseling course- most mortgage insurance companies offer these and they’re on-line

Minimum 5% down for fixed rates- can be gift funds

Minimum 10% down for adjustable rates- can be gift funds

Buyers must meet Fannie Mae median income guidelines for their area/county

See link for income :

https://www.fanniemae.com/s/components/amilookup/61d695d4-b7a7-4fe1-90c2-7dff2fd1ccd4?state=

This product is good on owner occupied properties only.

The reduced mortgage insurance and the cap on points charged all equal a lower payment for your borrower.

Another way we can help more buyers buy the home of their dreams

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About lizschneider66

Mortgage consultant with over 18 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news.
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