My Community Mortgage Program

The My Community Mortgage Program is a great low down payment alternative to FHA loans. The my Community Program, which is offered by Fannie Mae, is a conventional loan program that offers flexible underwriting standards, and lower monthly mortgage insurance rates to qualified borrowers, when compared to FHA financing.

First Indiana Mortgage offers the program, with as little as 5% down payment (or 95% LTV on refinances). Using the 5% down/5% equity scenario, based upon a $200,000 loan, FICO 650-699, the My Community Mortgage would save borrowers about $100 per month in mortgage insurance costs when compared to FHA financing.

To qualify for a My Community loan, you must meet certain income requirements, must not have other financed properties. To discuss the My Community Mortgage in more detail, reach out to Forst Indiana Mortgage ay 888/627-2002, or visit our website at www.firstindianamortgage.com.

 

 

 

 

The My Community Mortgage Program is a great low down payment alternative to FHA loans. The my Community Program, which is offered by Fannie Mae, is a conventional loan program that offers flexible underwriting standards, and lower monthly mortgage insurance rates to qualified borrowers, when compared to FHA financing. First Indiana Mortgage offers the program, with as […]