Friday, May 12, 2017

Fresh Start Program 


Wright Mortgage's Fresh Start Program is a specialized mortgage solution designed specifically for self-employed business owners and borrowers who have experienced a recent life or credit event, or investors that are currently unable to find a program in the marketplace that meets their needs as they work to re-establish a strong credit history. Under the guidelines of the expanded program, more credit-worthy borrowers who have experienced a credit or life event, as recently as within the past year, may now meet the requirements to receive a loan.

Over the past few years, many hard-working people who lost their homes or were forced into bankruptcy due to a layoff or reduced income have since rebuilt their credit and are able to demonstrate their ability to repay. For these borrowers who may be unable to obtain mortgage financing due to seasoning or other requirements, Fresh Start may be the lending solution they have been looking for.

Loan Features:
  • LTV up to 85% with no MI l
  • No seasoning requirement on derogatory housing events including: Bankruptcy, Foreclosure, Deed-in-Lieu, Mortgage Charge-off, or Short Sale
  • No mortgage or rental pay history required
  • Minimum credit score 580
  • DTI ratios greater than 50% considered with compensating factors
  • Loan amounts from $100,000 to $1,000,000
  • Non-warrantable condominiums