A new residential loan offering is targeted at prospective borrowers with low credit scores, high debt-to-income ratios and significant recent credit events.
The new nonprime program caters to customers seeking to finance a home purchase or refinance an existing mortgage but who don’t qualify for conventional or government products.
Borrowers can have credit scores as low as 500 with the non-agency program. They can also have recent credit events like foreclosures and bankruptcies on their records.
Source: Mortgage Daily