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My Community mortgage loan program

Regular Contributor

My Community mortgage loan program

OneMortgageguy -   Have you or anyone else on the forum heard of this program?  Is it good?  The builders guy mentioned it as a possibility.
Message 1 of 10
9 REPLIES
Moderator Emeritus

Re: My Community mortgage loan program

Message 2 of 10
Regular Contributor

Re: My Community mortgage loan program

Thanks.  Any ideas on types of rates they give for the first time home buyer?
Message 3 of 10
Moderator Emeritus

Re: My Community mortgage loan program

Not sure, sorry.
Message 4 of 10
Valued Member

Re: My Community mortgage loan program

MCM is a program that I am currently using.  I have it coupled with a non-profit down payment assistance program through Colorado (CO Housing and Finance Authority).  Because my loan will actually be serviced through CHFA even though it is the MCM program, they set the % at 6.5. I am not sure what the rate would be otherwise.
 
So far so good for me, but I am not fully through the process yet.  You may want to check and see if you have any state first time buyer assistance or low/moderate income assistance programs.
 
I am happy to give you an update as to how it goesSmiley Happy
Message 5 of 10
Regular Contributor

Re: My Community mortgage loan program

Thanks for the info LEBR4113.  Keep me posted.   I'll ask about my state's assistance programs too.
Message 6 of 10
Regular Contributor

Re: My Community mortgage loan program

OneMortgageGuy -   Any knowledge of this program?  Its' benefits?
     I have BK discharged in 3/05,  util of 1% currently and scores of 668, 679, 691.   My wife has a middle of 702 but I earn 90% of our income.  We are 1st time homebuyers.
Message 7 of 10
Regular Contributor

Re: My Community mortgage loan program

bump  
Message 8 of 10
Established Contributor

Re: My Community mortgage loan program

I was told if I used this program, I was NOT allowed to have any DP assistance - is this mortgage person taking me for a ride - sounds like it if CO was able to do it.
 
I know I qualify for the MFHA DP, haven't done anything yet, waiting until Jan when car payment is no longer considered long term debt...
 
Thanks for the input!
Message 9 of 10
New Visitor

Re: My Community mortgage loan program

For some qualified borrowers, the MCM programs allow "Community Seconds" as the ONLY form of subordinate financing. Community seconds are second liens that many cities, counties, states provide for underserved communities, low income borrowers, public servants, etc. for the buyer to have 97%, 100%, 103% financing.
 
 
Message 10 of 10