Madison Funding, Inc.
My Community Loans
- Prime Rates
- 6% Seller's Assist
- 1 - Loan
- 1st Time Home Buyer - OK
- Mid-Score 620, exceptions down to 610(strong credit and income factors will be reviewed)
- Private or Management VOR - OK
- Lives with Family - OK
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FHA:
Borrower always get 97.75% LTV
1. 1-4 Unit, Owner Occupied, Full Doc
2. No Minimum Credit Score Requirements (For example: 520 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.)(12 months paid on time and current)
6. 6% Sellers assist
7. Rates are best in the market.
8. Gifts from family member - OK
9. Non-Occupied Co-Borrower - OK
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VA Loan Summary:
VA Loan Summary: The Veteran's Administration loan program enables veterans and active duty personnel to purchase or refinance (cash-out) a home with favorable loan terms. VA offers fixed- and adjustable-rate mortgages that accommodate no down payment on purchase transactions.
Purchase:
- 1-4 Units, Condo, PUD & Manufactured Homes
- 100% Financing
- Down to 580 can get 100% financing, determining factors will be trade-lines and collections.
Refinance:
- 1-4 Units, Condos, PUD & Manufactured Homes
- 90% LTV
Products Offered:
Fixed Rate Mortgages:
- 15-year fixed rate mortgage.
- 30-year fixed rate mortgage.
Adjustable Rate Mortgages
- Appraisal goes through a 3-5 business day review. Follows the basic guide lines for a FHA appraisal review. VA review is more strict than FHA.
- Full documentation only
- Gift is acceptable from a relative, domestic partner, or fiancé to pay part of the closing costs or to supplement his or her financial reserves.
- Seller has no cap on offering sellers assist. Can be over 6% sellers assist
Call Kisha @215-828-5101 for more details
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