Did you know this about FHA?
1) Manual underwriting is okay!
2) Repairs can be made by the Buyer or the Seller!
3) The maximum loan amount in most Maryland counties is $362,790!
4) Most loans can have 6% Seller assistance and some loans can have up to 9% assistance from the Seller if all parties are willing!
5) Chapter 13 and Chapter 6 Bks are okay!
Madison Funding, Inc.
FHA:
Borrowers get 97.75% LTV
1. 1-4 Unit, Owner Occupied, Full Doc
2. No Minimum Credit Score Requirements (For example: 580 Credit Score = 97.75%)
3. Borrower must pay off any collections and judgments; medical collections do not have to be paid.
4. This is a great product for buyers who have low credit scores, not much credit history, but paid off collections.
5. Alternative Trade-lines - OK - (Auto Ins., Cell Phone, Utilities, Gym Membership, Satellite Radio, Child Day Care/Tuition, Etc.)
6. 6% Sellers assist + a 3% Grant from seller = 9% sellers contribution (3% grant will cover 2.25% down payment, borrower therefore uses sellers funds for down payment)
7. Rates are best in the market.
8. Gifts from family member - OK
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