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Requirements

Underwriting Guidelines

Sample Photos





My Community Mortgage Loan Program (MCML)

CDCB partners with Fannie Mae to provide a 30 year, fixed rate loan called My Community Mortgage loan.  This product serves low-to-moderate income borrowers and allows them to get a mortgage with as little as $500 from the borrower’s own funds.

Details:

Target Market
Homebuyers in Cameron County area with low to moderate income
Owner Equity
Minimum of $500 depending on the downpayment assistance available
Mortgage Financing:
30 year term, 4.99% up to the market rate
Private Sector Financing:
100% loan amount
Public Sector Financing:
Up to $10,000 from CDCB for downpayment and closing costs for qualified borrowers
Average Sales Price/
Mortgage Loan Ratios:
$68,000 for purchases of a CDCB subdivision home/43%


MCML Requirements
  1. Minimum of $1220 gross monthly income
  2. Minimum of $500 for qualifying borrowers
  3. FICO score minimum of 600(97% ltv), 620(100%ltv)
  4. Stable employment for the last 24 months
  5. Completion of Homebuyers Education class
MCML Underwriting Guidelines:
Coming Soon....

MCML Sample Photos:

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