Good Morning!
Fannie Mae has a little known about program that they designed to compete directly with FHA.
It’s called My Community mortgage, and it has some advantages over FHA.
1) One advantage is that the down payment is lower on My Community. …Only 3% vs 3.5% for FHA.
2) My Community allows for loan amounts up to $417k – compared to a max of $271,050 in most Texas counties for FHA.
3) No up front mortgage insurance on My Community, compared to 1% up front mortgage insurance on FHA.
To be fair FHA does allow a higher seller help amount than My Community (6% compared to 3%).
However, there are many circumstances where the My Community program flat out beats FHA.
If you are looking to purchase a home – you need to check with me to see which program is best for your scenario.
Many loan officers just aren’t familiar with the My Community program, and often times the borrower is worse off for this lack of knowledge.
Have a great day! Thanks for reading!
Brett
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