The Mycommunity program allows homebuyers to qualify for a mortgage at conforming interest rates and lower pmi premiums. The program allows credit scores down to 540 and expanded approvals to a level 2. The program also has special features for Public safety workers and teachers.

The program has many similarities to the governments FHA program, although the MyCommunity program does NOT require a down payment.

MyCommunity has special programs for nurses, paramedics, fire fighters, and police officers as well as anyone who works in an educational institution.

The My Community Mortgage program is ideal for home buyers with limited funds for down payment and closing costs and those needing flexibilities on credit, income sources, or access to special options. Here are some of the program highlights:

- Up to 100% financing (no money down!)
- No prior credit history is required
- No minimum contribution from the buyer’s own funds
- Fixed or adjustable rate loans available with interest-only options
- Loan terms up to 40 years
- Reduced mortgage insurance requirements to help keep payments affordable

In addition to these program highlights, the My Community Mortgage program provides special underwriting consideration for:

- teachers & educational institution employees
- police officers and firefighters
- health care workers
- persons with disabilities (or those living with a family member with a disability)
- people living in underserved areas throughout the country, including many hurricane-damaged areas in Louisiana, Mississippi, Alabama, and Texas

My Community Loan Programs - Loans under the My Community Initiative offer home buyers and home owners fewer eligibility restrictions, and several loan options. These programs are often great for first time homebuyers.

My Community programs offer much more flexible underwriting guidelines, especially in regards to credit score and down payment requirements. The My Community Loan Programs offer 100% and 97% loan to value programs, which means that they have 0 down and 3% down programs available. These programs usually do not require any borrower contributions of money put into the transaction which many other conforming programs will require at least $500 of the borrower's own funds.

If you are in the Health Profession, Educational Profession, and Protect and Serve your Community. My Community has some special incentives for you. Fixed rates can be 30 year, 30 year interest only, and 40 year term as well. Call [call] to find out how this product can get you prequalified for a home today.

MyCommunity mortgage programs are avilable with a variety of options which are designed to address several of the most common obstacles homeowners face when buying a home:

MyCommunity Addresses Common Obstacles to Home Ownership:
- MyCommunity mortgages have options to help minimize or alternatively document Cash for Down Payment and closing costs
- MyCommunity mortgages allow for more flexibility when qualifying for the minimum payment on the new home loan using your income
- MyCommunity mortgages allow borrowers to have lower minimum credit scores than most other home loan programs

To qualify for a MyCommunity mortgage, the borrowers' income may not exceed the program's income limit. However, for homes located in neighborhoods designated as "underserved," there is no income limit.

MyCommunity Mortgages are also available for refinance loans in which only the Rate and Term of the loan is changed with less than $2,500 cash out.

2-4 Unit properties are considered under the My Community Program with as little as 3% down. The property must be owner-occupied to qualify.

The My Community Loan Programs also allow for reduced PMI premiums in some cases as well. This reduces your monthly mortgage payment significantly if you qualify.