What is a My Community Mortgage?
Below is an example of a person using a MCM to purchase a home with 3% down using today’s rates and comparing that to an FHA loan with similar rates. As you can see, the cost savings over a five year period are nearly $5,000!The primary benefit of using the My Community Mortgage over an FHA loan or even a traditional 3% conventional loan are the reduced monthly PMI rates which are half of the rates of 3% conventional loans. When compared to FHA loans, they are similarly cost effective.
If you’re a first time home buyer in Raleigh-Cary-Wake Forest shopping for an affordable mortgage, give me call to see if you are eligible for this loan program.
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Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183
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