The “My Community Loan Program” is designed for 1st homebuyers who fall into the low to moderate income range. For those that qualify the program have guidelines designed to help people buy homes.
Some of the qualifying guidelines are below.
1st time homebuyesrs are those who have not have ownership interest in a property for the last 3 years
You may be able to borrower up to 97% of the purchase price of the property
Down payment can come from a variety of sources including, gifts from close relatives, borrowers own funds, grants through work or local municipalities.
Mortgage Insurance premiums are typically lower that those of other Fannie Mae or Freddie Mac products.
One borrower must complete a home buying class.
CLTV’s above 100% in certain cases.
The My Community Program is a great alternative to those who might qualify if you have any questions do not hesitate to reach out to me.
Find out what's happening in Montvillefor free with the latest updates from Patch.
Craig Thibeau
Senior Loan Officer
North East Financial Middletown, CT
Ph 860-334-1354
NMLS 398576 Company NMLS 117273
craig@northeast-mortgage.com
www.northeast-mortgage.com
