Illinois My Community Mortgage Wisconsin My Community Mortgage
Posted by Dennis Hardy on Apr 8, 2008
Illinois My Community Mortgage and Wisconsin 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% 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 accepte
- 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 mortgages allow borrowers to have lower minimum credit scores than most other home loan programs.
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 Ameristar Mortgage today to see if My Community Mortgage is the right program for you.
Ameristar Mortgage is your local Wisconsin and Illinois Mortgage Broker:
Dennis Hardy
Local: (608) 242-0826 x23
Toll Free: (877) 240-5840
dennis.hardy@ameristarmadison.com
www.AmeristarMadison.com
Visit my blog at http://www.ameristarmadison.com/blog/
Resources: www.ameristarmadison.com/wisconsin_illinois_my_community_mortgage/index.htm
Similar Programs: www.ameristarmadison.com/wisconsin_illinois_home_possible/index.htm
Permanent Link to Illinois Home Possible Wisconsin Home Possible Mortgage Home Loans
Tags: Chicago My Community Mortgage, Illinois My Community Mortgage, Madison My Community Mortgage, Milwaukee My Community Mortgage, Mortgage Programs:, My Community Mortgage Loans in Appleton, My Community Mortgage Loans in Arlington Heights, My Community Mortgage Loans in Aurora, My Community Mortgage Loans in Buffalo Grove, My Community Mortgage Loans in Chilton, My Community Mortgage Loans in Cicero, My Community Mortgage Loans in De Pere, My Community Mortgage Loans in Eau Claire, My Community Mortgage Loans in Elgin, My Community Mortgage Loans in Evanston, My Community Mortgage Loans in Fond Du Lac, My Community Mortgage Loans in Fremont, My Community Mortgage Loans in Glenview, My Community Mortgage Loans in Green Lake, My Community Mortgage Loans in Illinois communities Chi, My Community Mortgage Loans in Janesville, My Community Mortgage Loans in Joliet, My Community Mortgage Loans in Kenosha, My Community Mortgage Loans in Lake Geneva, My Community Mortgage Loans in Madison, My Community Mortgage Loans in Menomonee Falls, My Community Mortgage Loans in Milwaukee, My Community Mortgage Loans in Monroe, My Community Mortgage Loans in Mount Prospect, My Community Mortgage Loans in Naperville, My Community Mortgage Loans in Neenah, My Community Mortgage Loans in New London, My Community Mortgage Loans in Normal, My Community Mortgage Loans in Northbrook, My Community Mortgage Loans in Oshkosh, My Community Mortgage Loans in Peoria, My Community Mortgage Loans in Portage, My Community Mortgage Loans in Racine, My Community Mortgage Loans in Rockford, My Community Mortgage Loans in Schaumburg, My Community Mortgage Loans in Stoughton, My Community Mortgage Loans in Sun Prairie, My Community Mortgage Loans in Watertown, My Community Mortgage Loans in Waukegan, My Community Mortgage Loans in Waukesha, My Community Mortgage Loans in Waunakee, My Community Mortgage Loans in Waupaca, My Community Mortgage Loans in Wausau, My Community Mortgage Loans in West Bend, My Community Mortgage Loans in Wheaton, My Community Mortgage Loans in Wisconsin, My Community Mortgage Loans in Wisconsin Dells, Wisconsin My Community Mortgage