Expanded Credit Loans
Do you have a borrower that has current or past credit challenges? There are multiple products available that can help, depending on the circumstances, financing needs, and other compensating factors.
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Product highlights
- Designed for borrowers with recent or past credit events
- One-day seasoning for bankruptcy, foreclosure, or short sale (program dependent)
- Loan amounts from $100,000 to $4,000,000
- Multiple loan terms available including40-year and interest-only terms
- Owner-occupied, second homes, and investment properties eligible
- Single-family, townhome, condo, and 2–4 unit properties allowed
- First-time homebuyers permitted
- ITIN eligible
Borrower advantages
- Multiple solutions available for borrowers who have had difficulty obtaining financing for primary, secondary or investment properties
- Qualify for financing in as little as one day after bankruptcy discharge, settled foreclosure, short sale, etc.
- Multiple fixed and Adjustable loan programs including interest-only options
Realtor advantages
- Expand your purchase pipeline with buyers who could not previously qualify due to a recent credit event or financial hardship
- Create buzz and positive reviews by offering a program that assists those who need non-traditional financing to get them into their dream homes faster
- We offer programs that don’t require a valid Visa
Frequently asked questions
With short and easy to understand answers.
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[email protected]What is the minimum credit score allowed?
FICOs down to 600 are eligible.
What is the maximum loan amount?
Maximum loan amount is $4,000,000.
What occupancy types are allowed?
Primary residence and second home occupancy are eligible.
Who is eligible for this program?
US Citizens, Permanent Residents, Non-Permanent Residents, and ITIN borrowers are eligible.
What mortgage history is required?
No mortgage payments that were 90 days late within the allowable review period.
Can borrowers with a past bankruptcy or foreclosure still qualify?
Yes, borrowers may be eligible 12 months after a bankruptcy or foreclosure event.
Are borrowers with a previous short sale eligible?
Yes, borrowers with a prior short sale may be eligible in less than 12 months, depending on the scenario.
Can first-time homebuyers qualify for this program?
Yes, first-time homebuyers may be eligible up to 70% loan-to-value (LTV) with a maximum debt-to-income ratio of 43%.
Does this program allow manual underwriting?
Yes, this program is manually underwritten.
How are debt-to-income and reserve requirements determined?
Debt-to-income ratio and reserve requirements vary based on loan-to-value (LTV) and credit score requirements.
What property types are eligible?
Eligible property types may include:
- Single-family residences
- Townhomes
- PUDs
- Condos
- Non-warrantable condos, case by case
- 2–4 unit properties
- Manufactured homes
What loan options are available?
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