I am SO excited to tell you about this new low down payment home loan! We are one of very few lenders in our area to roll out this new Fannie Mae loan program which features only 3% down. This is a great product which is a huge alternative to FHA loans which have the really high mortgage insurance for the life of the loan. There are 3 versions. Straight 3% down purchase, My Community 3% down and a 97% refinance HARP-like loan.
Click on the picture to watch the video and learn more.
Click here to see the difference between FHA mortgage insurance and the new My Community Mortgage PMI.
To qualify for the My Community Mortgage, there are maximum income limits. Here are the limits by county for South Eastern Michigan:
Washtenaw - $87,400
Wayne - $64,600
Oakland - $64,600
Livingston - $64,600
Monroe - $63,800
Lenawee - $57,400
Jackson - $56,400
You can still do the 3% down program though even if your income exceeds these limits.
See Fannie Mae's website for more information
Give me a call if you have questions and tell everyone you know about this great new low down payment home loan!