MY COMMUNITY MORTGAGE
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
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.
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.
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.