Many clients have these in common.
- I only have a little bit down payment.
- My salary is not very high.
- I want to buy a house.
- My credit score is less than perfect.
- I just want to buy a starter home.
Is my only choice an “FHA” loan? FHA has a 1.75% Upfront Mortgage Insurance and a monthly mortgage insurance premium (from 1.25% and up). These will be taken majority of my paycheck.
Good news! Here’s one option for many home buyers – My Community Mortgage.
- Requires only 5% down payment which can be a gift, employer assistance, and/or community second loans
- Income determined by the Area Median Income. For example, $91,900 in Alameda County.
- No Upfront Mortgage Insurance
- Low monthly Mortgage Insurance premium
Call me today to discuss your scenario.
