No. of Recommendations: 0
Here's an example of the "county special" described by IP. They were/are called "My Community Mortgage" programs.

Property must be a 1 unit : single-family primary residence. Up to 100% LTV // 2 Units: up to 97% LTV // 3-4 Units: up to 95% LTV and (all) 105% CLTV with a Fannie Mae approved Community Second, Borrowers with nontraditional credit histories allowed, 30% of income from a co-borrower without a credit history. Section 8 homeownership vouchers can be grossed up 25%. Boarder income and income from co-borrowers without traditional credit scores are allowed, Recommendations Approve/Eligible, Expanded Approval Levels I and II/Eligible (No LLPAs) (Refer with Caution: Follow standard DU Refer policies). 6% seller contributions allowed (limited to closing costs and prepaid items). Boarder Income from a non-related third party may be included. Cash on Hand is an acceptable source of funds.

Acceptable sources of funds to close:
- Gift from a relative - provide acceptable gift letter standard documentation to evidence withdrawal
from donor and transfer to borrower.
- Borrower's own funds.
- No minimum borrower investment required.
- Borrowers cannot receive any cash back.

If borrower received any cash in her pocket at the close, it was due to a fraudulent transfer of funds.
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