The Texas My Community Mortgage program was introduced in 2000 by Fannie Mae. This program is designed to make it easier than ever to afford a home! In many cases these loans are made with a small or no down payment. (Up to 100% LTV loans) The rules for credit history are less restrictive than what most lenders require, and the finance rate is low. There is flexibility on income source which includes counting boarder income from relatives or non-relatives. Mortgage insurance (PMI) requirements are low and that helps keep the monthly payment low. The program is also available for 2, 3, or 4 unit properties for customers that want to live in one unit and rent the others out. There is an automated underwriting that results in a fast loan decision in most cases. This is a program that says YES for many issues that other lenders won’t accept. The result is home loan approvals for many family’s that would otherwise not be able to own a home!
There are a variety of program options available including fixed loans for up to 40 years, variable options, and initial interest only. There is also an option for a 2-1 interest rate buy down to make your payments extra low the first 2 years. Condos and co-ops are eligible. For 2007 the Houston area the My Community Mortgage household income limit is $60,900. The maximum loan size is limited to $417,000.
Texas residents can find more information at my Houston My Community Mortgage website. You can also call my office at 281-537-7800.
Texas Capital Mortgage - Low rates for good and bad credit home mortgages - http://www.Texas-Capital-Mortgage.com - Also visit our reverse mortgage site at http://www.reverse-mortgage-houston.com
Article Source: http://EzineArticles.com/?expert=Glenn_Lamb
Wednesday, June 18, 2008
Houston My Community Mortgage Information
Texas Fannie Mae Expanded Approval Mortgage Information
Texas Fannie Mae Expanded Approval mortgages may be a good option if you have less than perfect credit and/or minimal down payment funds. Fannie Mae is a publicly traded company (FNM) that was originally created by Congress in 1938 to help the housing industry during the depression. They do not make mortgage loans directly. Fannie Mae has designed programs to help more people own homes and also buys mortgages in the secondary market. The current loan limit for Fannie mortgages is $417,000.
An Expanded Approval mortgage will generally be several percent lower than a typical sub-prime mortgage. This can result in a lower payment and a huge savings over the life of a loan. Fixed or adjustable rate terms are available. There is also a feature that can result in an interest rate reduction if payments are on time for a specified period. (May not be available in some cases). This may eliminate the need to do a refinance with additional closing fees at a later date.
If you already have a mortgage with a high interest rate the Expanded Approval loan could be a good choice for a refinance. Depending on how long you expect to own your home it can be advisable to refinance if you can save ½ percent or more on the rate.
Loan decisions for Expanded Approval are made be Desktop Underwriter (DU) and Desktop Originator (DO). These are basically software programs that evaluate mortgage applications. The software gives a recommendation of EA-I, EA-II, EA-III, or Refer W Caution IV. EA-I, II, and III generally qualify with I being the best rate or terms and II and III are a little higher.
Fannie Expanded Approval mortgages are not the best program for every situation. Some consumers with very good credit and/or a large down payment may be able to get a better rate with another program. Other customers with severe credit problems may not get approved for Expanded Approval and may need to go sub-prime. A good broker can help you find the best loan that you can qualify for. Customers in Texas can get more information at our Texas FannieMae Expanded Approval website. You can also call our office at 281-537-7800.
Texas Capital Mortgage - Low rates for good and bad credit home mortgages - http://www.Texas-Capital-Mortgage.com - Also visit our insurance site at http://www.insurance-for-texas.com
Article Source: http://EzineArticles.com/?expert=Glenn_Lamb