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An Affordable, Flexible Mortgage

MyCommunityMortgageTM makes it easier than ever to afford a home of your own. With MyCommunityMortgage, you may need little or no contribution from your own funds (funds for down payment and closing costs can come from a variety of sources including gifts; grants; loans from relatives or nonprofit groups; employer-assisted housing; or a secured loan from a lender). And, with MyCommunityMortgage, your lender will work with you to consider all types of income and credit histories to help you qualify for the mortgage you need.

Is This Mortgage Right for You?

If any of these situations describes you, MyCommunityMortgage might be a good fit:

  • You have limited savings for a down payment and/or closing costs.
  • You do not have a “traditional” credit history, but can show other ways you have handled credit well, such as paying rent.
  • You receive rent payments from boarders, or income from government benefits, or other sources.

How MyCommunityMortgage Works

MyCommunityMortgage is available to help you buy or refinance a single-family home or condo, or a two- to fourfamily home that you will live in as your primary residence.

Income that can qualify you for mortgage approval includes many sources besides wages, such as boarder income from relatives or nonrelatives. Proof that you handle credit responsibly can include rent payments; payments for electricity, water, or other utilities; or other payments you make on a regular basis.

MyCommunityMortgage includes several options that can make it even easier to buy a home. For example, Community SolutionsTM is an option for public service employees such as teachers, police officers, firefighters, health care workers, and eligible active and retired members of the United States Armed Forces. And Community HomeChoiceTM is for borrowers with a disability. Your mortgage lender can help you choose the option that best fits your needs.

MyCommunityMortgage is available throughout the United States. Borrowers in lower-cost areas of the country may face maximum income limits, but income limits are higher in more expensive areas and rural areas, and for borrowers with a disability. There are no income limits in certain inner-city areas. Your lender can tell you about income limits in your area.


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