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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 100% Loan to Value Ø Zero down payment is possible 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 accepted. It may be possible to do a loan without any credit bureau record. For those with a credit report there is no fixed minimum credit score to qualify. A general idea coud be 600 for a 97% LTV or 620 for 100% 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 There is usually an option to waive escrow. This helps reduce cash needed to close 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. 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.
If you are looking for a houston mortgage, houston refinance, or a houston mortgage broker, then you have come to the right place! We are one of the top Texas lenders. 
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