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Texas My Community Mortgage Program Fannie Mae was created in 1938 at the request of President Franklin D. Roosevelt to ensure a good supply of mortgage funds for all communities. In 2000 Fannie Mae introduced the popular “My Community Mortgage” program. The purpose was to expand the percentage of people that own homes, especially those with moderate or low income levels. In 2007 the Houston area the My Community Mortgage household income limit is $60,900. The maximum loan size is limited to $417,000.
MyCommunityMortgage Features (For one-unit properties)
Ø Up to 97% Loan to Value Ø Mortgage insurance requirements are low (PMI) . Required coverage is 20% at 100% LTV or 18% at 97% LTV. Ø Eligible for 2-1 interest rate buy down (Makes the first 2 years payment extra low) Ø Eligible for second loans including the “Community Seconds” program Ø Condos and co-ops are also eligible Ø Up to 40-year terms and options for an initial interest-only period Ø Competitive interest rates Ø Flexibility on credit histories, nontraditional credit may be accepted. It may be possible to do a loan without any credit bureau record. For credit a general idea coud be 700 for a 97% LTV or 620 for 95% LTV. Ø Flexibility on income source, including boarder income from relatives or nonrelatives Ø A "cash reserve" is normally not required at closing time. This helps to further reduce the total amount of cash needed by the borrower Ø Other options include "Community Solutions" for teachers/educational employees, firefighters, police officers, and health care workers. The CS option allows higher debt to income ratios. There is also a Community HomeChoice option with adtional features when a borrower or family member has a disability. Ø Fast loan approval in many cases These features result in mortgage approvals for many households that would not otherwise qualify. Texas Capital Mortgage participates in the MyCommunityMortgage program. Programs are constantly changing so please call or email for additional information without obligation.
 Texas Capital Mortgage - 28 FM 1960 West - Houston, TX 77090 Office Phone: 1- 866-433-0500 toll free Fax: 832-565-1656
Texas Mortgage Broker License #65252. We provide service for the entire state of Texas.
Our goal is to provide your with the best mortgage products with low rates and superior service. Call one of our experienced loan officers for a rate quote or answers to your financing questions. 
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