Allowing More Borrowers to Achieve Home Ownership

Expanded Access Mortgage has been designed for borrowers with a recent credit event that don’t meet traditional seasoning requirements, who are utilizing alternate documentation or who don’t fit standard Agency, Government or Jumbo guidelines. Examples of some scenarios where Expanded Access may be a better home loan option include:

  • Self-employed borrowers with good cash-flow but high expenses
  • Self-employed borrowers who have had an isolated period of lower income prior to the most recent tax year OR whose business has grown/matured
  • Lower income, retired, recent heirs or non-working borrowers who need to use financial assets such as cash, equity in property, stocks and bonds to qualify
  • Borrower with recent foreclosure, short sale or deed in lieu that settled as recent as 0-3 years that has since improved their credit
  • Borrower with high Debt-to-Income ratio (up to 55%)
  • Borrower needs more than conventional loan limit, but doesn’t meet traditional jumbo loan requirements

Flexible Borrower Criteria

  • Bank Statement + P&L program (for Self Employed only) available
  • Can calculate income from Liquid assets like cash, stocks, bonds, mutual funds using Asset Utilization program
  • Allows recent Foreclosure, Short Sale, Deed-in-Lieu and/or Late Mortgage payments
  • Only 1 year required since Bankruptcy
  • Allows Foreign Nationals & First Time Homebuyer
  • Allows credit scores down to 580 for a Primary Residence
  • Allows higher Debt to Income ratios

Expanded Access Program Features

  • 30 yr Fixed, 5/1 and 7/1 ARMS
  • Purchase, Refinance, Debt Consolidation or Cash-out
  • Loan amounts $100K-$2M
  • Less than 20% down with no Mortgage Insurance
  • Primary Residence, 2nd home & Rental properties
  • Non Warrantable Condos possible
  • Assumptions possible on ARM loans after the fixed period (with approval/qualification)