My Community Mortgage Loan Program

Are you a teacher, educational institutional employee, correctional officer, sheriff, police officer, firefighter, or health care worker who could use extra help buying a home? If so, the My Community Mortgage  option might be right for you. With My Community Mortgage, you may need little or no contribution from your own funds since funds for down payment and/or closing costs can come from gifts, grants or loans from relatives, nonprofit groups or employer-assisted housing programs.

Consider a My Community Mortgage if:

  • You are a teacher, educational institutional employee, police officer, firefighter or health care worker
  • Your credit scores are too low for a conforming loan
  • You are purchasing a condo in a new development

Key Features:

  • 97% financing
  • With the MCM program, you may be eligible for a lower payment even with a smaller down payment.
  • Assuming that you make the minimum required payments, the mortgage insurance of the MCM product will fall off in month 127.   With FHA mortgage insurance continuing for the life of the loan, you could save approximately $50,000 in additional mortgage insurance payments over the remaining term of the loan.
  • MCM is tailored for families within the average median income.   The income limit is calculated off of the borrower(s), not total household income.
  • 18% MI coverage versus 35% coverage on a standard FNMA 97% loan.


For more information, contact Ken & Melody Kramer.

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