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 :

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


About lizschneider66

Mortgage consultant with over 19 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. I am Vice President of the North Coast Building Industry Association, Lorain County Association of Realtors, Working Women Connection and Womens Council of Realtors.
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