The MMCT mortgage product is a great option for many buyers.
Have you heard of an MMCT mortgage? It’s a little-known mortgage product that lets you get 100% financing with no private mortgage insurance (PMI) or income restrictions. In the Houston area, MMCT stands for majority-minority census tract. What it means is that in certain parts of Houston, depending on the demographic makeup of the area, you have the ability to get these mortgages with 100% financing under some conditions.
These conditions can include that the loan has to be for a one-unit primary residence, and the loan amount is up to $647,200. There are no income limits or PMI requirements with this loan. At 0:46 in the video, you’ll see a map of Houston with the colored areas eligible for this unique mortgage product. It’s important to note that the product is address-specific, and not all lenders offer this loan.
If you have more questions, feel free to reach out. In the past, 100% of financing loans were reserved for VA loans, physician loans, or USDA loans. This is an opportunity for anyone to get a loan with 100% financing. It doesn’t get any better than that. If you’re interested in learning more about this loan product, feel free to call or email. We’d be happy to help.
