Non-Prime Mortgage Loan Program – 580 Credit Score
Our Non-Prime Mortgage Loan Program is designed to help borrowers with less-than-perfect credit access home financing. Co-borrowers must have a minimum 580 credit score and may not exceed 42% of total income contribution. This program requires full income documentation and supports various loan purposes.
Program Highlights:
Maximum Loan Amount: $1,500,000
LTV Limits:
* Purchase & Rate/Term Refinance: Up to 80% LTV
* Cash-Out Refinance: Up to 75% LTV
Cash-Out Limits:
* Up to $300,000 at 75% LTV
* Up to $200,000 at 80% LTV
Guideline Highlights
* Owner-Occupied Properties Only
* Maximum DTI: 45%
Reserve Requirement:
* 3 months PITI for primary residence
* Additional 3 months PITI per additional property owned
This program is ideal for borrowers who may not qualify for traditional financing but can provide full documentation and meet the credit and income requirements.
Credit Notes:
* Bankruptcy history: 1 year seasoned
* Foreclosure history: 1 day
* Short Sale history: 1 day
* Loan Modification history: 1 day
Credit Depth and Criteria:
Active Tradelines – 3 years
Total Tradelines – 6 years
Credit History – 6 years
Judgments and collections may be required to be paid-off before the closing date including tax liens and back-child support.
Eligible Property Types:
* Single Family Residence
* 2-Unit
* 4-Unit
Eligible Occupancies:
* Owner-Occupied
* Non-Owner-Occupied
* Second Home
Permanent resident aliens OK with 660 Credit Score / FICO Score
First Time Homebuyer – OK to 80% LTV
Available in the Following States:
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Nevada, New Hampshire, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington.