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Conventional Rehab-Renovation program
Primary residence only (NO investment property)
Purchase or Refinance
NO restriction on type of repairs
NO required improvements
NO minimum amount of repairs
Total renovation costs = Up to 50% of "as completed" value of
property
Maximum 97% LTV = 1-2 unit primary residence
Maximum 90% LTV = 3-4 unit primary residence
Condos = Interior only
Non-traditional credit acceptable
NO cash reserves required = 1 unit property
Minimum $500 required (purchase) from borrower's own funds =
1 unit property
Seller can contribute up to 3% - purchase
Six months mortgage payments can be financed if unable to occupy during
rehab period
NO pre-payment penalty
My Community
Mortgage Program
This program which is NOT credit score driven, is ideal for
borrowers seeking to rehab or renovate a primary residence. This loan has
reduced mortgage insurance, that is tax deductible. Let Florida Mortgage Corporation
show you the cost savings and benefits with the My Community Rehab Renovation Mortgage Program.
If you're tired of renting
but don't think you can afford to buy your own home... think again! Our latest
mortgage loan option may help you achieve your dream of home ownership. It's
called My Community Mortgage.
A great mortgage program for people who may not be able to qualify for a loan
under other mortgage programs.
This mortgage program was developed to allow borrowers who may have limited
savings, no credit histories, or nontraditional sources of income a better
opportunity to buy or refinance a single-family home or condo, or a two- to
four-family home that is used as a primary residence.
The program includes several options that can make it even easier for public
service employees such as teachers, police officers, firefighters, and health
care workers to buy a home. There are even special considerations for borrowers
with a disability.
The Florida Mortgage Corporation My Community Mortgage Rehab - Renovation
program may be ideal if...
1. You have limited funds for a down payment and closing
costs.
2. You have non-traditional credit and/or income sources
3. You are looking to buy your first home
4. You are an educational institution employee, police
officer, firefighter, or healthcare worker
5. You are disabled
Whether you're buying a
home for the first time, or you've purchased a home in the past, My Community
Mortgage offers you an affordable option to rehab or renovate. It is especially designed for
potential homebuyers who cannot meet the strict income and credit requirements,
down payment and closing costs of a more conventional home loan.
Up to 97% financing - one loan
(Primary residence only)
NOT credit score driven
Nontraditional credit
allowed (only need three lines of credit verified) i.e.. rent, utilities, cell
phone...
Not just for the first time homebuyer
Borrowers must be at or below median area income limits to qualify (Tampa
area - $54,400)
Maximum loan amount - $417,000
PLEASE NOTE: If
property is in an underserved Florida neighborhood, borrowers can EXCEED HUD
Median income. We would require a Florida address of the property to know.
HUD
Florida Median Income Chart
My Community
Mortgage
MORTGAGE PROGRAMS - CLICK
HERE
MORTGAGE APPLICATION
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