REHAB  RENOVATE    















  


REHAB-RENOVATE

MY COMMUNITY MORTGAGE

 

   Conventional Rehab-Renovation program

REHAB  RENOVATE   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)

REHAB  RENOVATE   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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