The Texas My Community mortgage program was introduced in 2000 by Fannie Mae. This program is designed to make buying a home easier than ever before! In many cases, these loans are offered with a small down payment or no down payment. (Long Term Loans up to 100%) Credit history rules are less restrictive than most lenders require, and the financing rate is low. There is flexibility in the source of income, which includes calculating domestic income from relatives or non-relatives. Mortgage Insurance (PMI) requirements are low and this helps keep the monthly payment low. The program is also available for 2, 3 or 4 housing units for clients who wish to live in one unit and rent out the others. There is an automated underwriting that leads to a quick decision on the loan in most cases. This is a program that says “yes” to many issues that other lenders just don’t accept. The result is home loan approvals for many families who would otherwise not 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 the option of lowering the interest rate by 2-1 to make your payments very low for the first two years. Condos and co-ops qualify. For the 2007 Houston area, the household income limit for the mortgage is $60,900. The maximum loan size is limited to $417,000.
Texans can find more information at my Houston community mortgage website. You can also call my office at 281-537-7800.