MyCommunity Mortgage™ is a flexible mortgage product for low- and moderate-income borrowers.
Key Features:
No minimum borrower contribution.
Up to a 40-year term.
Options for lower initial monthly payments with a 5-year or 10-year interest-only period.
Funds for down payment and closing costs can come from a wide range of sources, such as a gift from a family member; a gift, grant or loan from a nonprofit organization, municipality or employer; or the borrower's own funds.
Loan-to-value ratios permitted up to 100 percent for 1-unit properties.
Extra flexibility on credit histories, including consideration of nontraditional credit histories.
Extra flexibility on income sources including consideration of boarder income even if boarders are not related to the borrower.
Cash reserves at closing not required in most cases.
Part-time and overtime income is considered.
Purchase a single-family home (including a condo or co-op), a two-, three-, or four-family home to live in one unit and rent out the others (minimum 3 percent borrower contribution for two- to four-unit properties).
The following options for MyCommunity Mortgage™ may provide additional flexibilities for qualified borrowers:
Community Solutions™ for teachers, police, firefighters, and healthcare workers.
Community HomeChoice™ for borrowers with a disability or a family member with a disability.
Terms and conditions apply. Some programs may not be available in all states and they may change without notice. State restrictions and limitations may apply. This is for educational purposes only. Contact your Data Mortgage
Reverse Mortgage loan representative for complete details.
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