My
Community Homebuyer & My Community Solutions
Borrower up
to 100% of the purchase price
Relaxed underwriting guidelines for low and moderate income borrowers
Relaxed underwriting guidelines for full time educators, police
or fire, and health care workers
Three levels of credit approval available
No credit and/or no credit scores OK
Alternative credit sources allowed
Previous verification of rent not required
Credit scores acceptable down to 500
Some collection accounts can remain open
Reduced or lowered mortgage insurance costs
Flexible sources allowed for down payment assistance if required
Seller can pay up to 6% of closing costs further reducing the borrower
contribution requirements
Cash on hand OK in some cases
No reserves required in many cases
Gift funds allowed for reserves if required
Flexible debt to income ratio requirements available up to 60%
Interest only and 40 year repayment terms available
Available on single family, PUD's, approved condo's, 2-4 unit owner
occupied properties and modular homes
Rental income on 2-4 family properties can be used to qualify
Homebuyer education not required on single family purchases
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