Illinois My Community Mortgage Wisconsin My Community Mortgage
Posted by madisonmortgage on August 18th, 2009
Wisconsin and Illinois My Community Mortgage (MCM) helps lenders serve low- and moderate-income borrowers and communities with flexible terms and many options.
My Community Mortgage Highlights:
- No minimum borrower contribution (one-unit)
- Low mortgage insurance coverage requirements: 18% coverage for 97% LTV
- Up to 97% percent LTV ratio (one-unit)
- Up to 40-year term and options for initial interest-only period
- Eligible for Community Seconds or standard subordinate financing
- Qualifying Community Seconds can be treated as a gift rather than a subordinate lien
- Flexibility on credit histories, nontraditional credit acceptable
- Income-source flexibilities, including boarder income from relatives or nonrelatives
Visit our My Community Mortgage page for additional program information.
Eligible one-unit properties include condos, co-ops Available for 2-, 3-, or 4-unit properties for borrowers who want to live in one unit and rent out the others. My Community Mortgage is ideal for borrowers with limited funds for down payment and closing costs and those needing extra flexibilities on credit, income sources, or access to special options. My Community Mortgage programs are available with a variety of options which are designed to address several of the most common obstacles homeowners face when buying a home.
Wisconsin and Illinois My Community mortgages have options to help minimize or alternatively document Cash for Down Payment and closing costs
My Community mortgages allow for more flexibility when qualifying for the minimum payment on the new home loan using your income.
My Community Mortgage home loans have flexible requirements that make it easier for you to buy a home. Freddie Mac also offers three options similar to the Fannie Mae My Community Mortgage. Freddie Mac “Home Possible” mirrors the My Community mortgage, but has more liberal income limits. Whether you’re buying a home for the first time or you’ve purchased a home in the past, or you need to refinance your current mortgage, My Community Mortgage offers you an affordable option.
Contact us today to see if My Community Mortgage is the right program for you.
Your local Wisconsin and Illinois Mortgage Broker:
Dennis Hardy
Toll Free: (877) 240-5810 x104
dennis.hardy@madisonmortgageguys.com
www.Madisonmortgageguys.com
Visit my blog at http://www.madisonmortgageguys.com/blog/
Resources: My Community Mortgage page on our site.
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