Home Buying in Brockton>Question Details

Jadreamin1012, Home Buyer in Brockton, MA

My community mortgage loans?

Asked by Jadreamin1012, Brockton, MA Sun Sep 16, 2012

As a health care worker I would be eligible. I am sure my income will be less than the $92,00 limit.

Any one doing "my community " loans?

Better than FHA? Fannie’s My Community Mortgageby Gina Pogol
September 10th, 2010
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With FHA restructuring its mortgage insurance premiums on October 4th, it’s probably time to take a look at other financing options. Many folks don’t realize that Fannie Mae and Freddie Mac offer low down payment options too. For example, Fannie Mae’s My Community Mortgage allows qualifying borrowers to buy a home with only 3% down, no upfront mortgage insurance premium, and pay a very low monthly mortgage insurance fee.

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Have you tried calling/contacting an FHA lender in your area to see if they do them?
Usually they will know who is doing them and if they can't, they might refer you to one who does.


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1 vote Thank Flag Link Fri Nov 2, 2012
FYI - big changes to the MyCommunity Mortgage - 5% down now required...but there are all kinds of unique features about the MyCommunity mortgage. You can also see how much less the PMI is in this article ==> http://homeloanartist.com/2014/03/mycommunity-mortgage/

Hope that helps.
0 votes Thank Flag Link Thu Mar 20, 2014
It looks like no one is doing my community loans up there.
0 votes Thank Flag Link Thu Oct 4, 2012
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