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My Community Mortgage
Product Features
Loans are low down payment, high LTV mortgages with flexible credit guidelines. Requirements include a minimum contribution of $500 from the borrower's own funds, no monthly reserves and credit and income source flexibilities.
Loan purpose, type and term -- Purchase or limited cash out refinance; 30 years or less fixed rate.
Occupancy and property type -- Owner-occupied, 1-2 unit properties including condos.
Maximum loan-to-value ratio -- 100 percent; 97 percent for 2 unit.
Reserves -- Minimum reserves waived in most cases.
Credit history guidelines -- Nontraditional credit history accepted.
Borrower income limits -- Limited to 100 percent of area median income.
Mortgage insurance coverage -- Reduced premiums.
 
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