What are Wright Mortgage's Portfolio Lending products?

Wright Mortgage offers portfolio lending and welcomes interested consumers looking for options to make their dream of owning a home a reality. These products are another option for someone who could not qualify for a traditional Fannie Mae or Freddie Mac loan. Products offered by Wright Mortgage include:


Jumbo Alternative – This lending option offers alternatives for buyers looking for loan amounts up to $2 million with flexible guidelines. A 90%  loan to value (LTV) ratio, debt to income (DTI) ratio up to 50 percent and an interest-only option are offered. Types of acceptable income documentation include restricted stock units, asset depletion and additional solutions for self-employed buyers.

Homeowners Access – This solution was designed to assist buyers achieve or re-establish homeownership. Maximum DTI accepted is 60 percent, and there are special considerations for late mortgage payments within the last year or a housing or credit incident greater than 24 months. Buyers may be eligible for financing that was not previously available to them through alternative lending means.

Fresh Start – This lending option is for buyers that have not been able to receive financing because of a short sale, bankruptcy, foreclosure or a deed in lieu within the past 24 months.

Investor – This financing option provides a maximum loan amount up to $2 million. There are unlimited financed properties for qualified investment buyers and FICO scores as low as 620 are considered.

Foreign National – This option helps make buying a second home in the United States easier for qualified non-citizens who visit the country regularly for business or vacation. There are both fixed- and adjustable-rate options available, along with flexible guidelines to help qualified Foreign National buyers obtain home financing

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

Fresh Start Program

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

Fresh Start Program

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

New Program!!

Wright Mortgage offers an innovative new loan program to homebuyers – before they find their home!

We can complete the loan process – actually approving your buyer – without an identified property.

With TBD Approvals, buyers have the confidence that they have already been approved for their mortgage which means their buying power is improved:

• Sellers know the loan process has been completed so there is no worry that the sale won't close.
• Buyers can negotiate a good purchase price because they know they can close quicker than with a traditional loan process and they can offer the seller an assured closing

How does it work?

• The buyer completes a mortgage loan application with Wright Mortgage, providing us with all of the information needed for a mortgage loan – except for the address!
• We process the loan and, upon approval, we're ready to close once the property is identified.

Who is eligible for this program?

• Those mortgage loan borrowers who have challenged credit or very high debt to income ratios.
• Your clients are available for both FHA insured mortgage loans and Conventional mortgage loans, people who have excellent credit or people who is below 640 credit score and consider below average credit.
• Qualify more borrowers with credit challenges to achieve the American Dream.

VA Loan

A VA loan is perhaps the most powerful and flexible lending option on the market today. Rather than issue loans, the VA instead pledges to repay about a quarter of every loan it guarantees in the unlikely event the borrower defaults. That guarantee gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified veterans. 

Benefits of VA Loans

Far and away, the most significant benefit of a VA loan is the borrower's ability to purchase with no money down. Apart from the government's UDSA's Rural Development home loan and Fannie Mae's Home Path, it's all but impossible to find a lending option today that provides borrowers with 100 percent financing. 

VA loans also come with less stringent underwriting standards and requirements than conventional loans. In fact, about 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the loan amount. 

VA loans offer a few other bells and whistles:

• Competitive interest rates that are routinely lower than conventional rates
• No prepayment penalties
• Higher allowable debt-to-income ratios than for many other loans
• Streamlined refinancing loans that require no additional underwriting

Debt?

How to figure debt-to-income ratio

There are two types of debt-to-income ratios that lenders look at when you apply for a mortgage:

• The front-end ratio, also called the housing ratio, shows what percentage of your income would go toward your housing expenses, including your monthly mortgage payment, real estate taxes, homeowner's insurance and association dues.
• The back-end ratio shows what portion of your income is needed to cover all of your monthly debt obligations. This includes credit card bills, car loans, child support, student loans and any other debt that shows on your credit report that requires monthly payments, plus your mortgage payments and other housing expenses.

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What is Debt Forgiveness?

To make a long story short, debt forgiveness is when some or all of a debtor’s outstanding debt is written off.  This might happen because a lender wants to minimize the loss after a default.  When this unpaid debt is cancelled, this is considered borrower income and is taxable, unless there are any exemptions such as the Mortgage Debt Relief Act of 2007. 

What Do I Need To Know About the Mortgage Debt Relief Act?

First of all, you need to know that your tax credit can be claimed with the IRS Form 982.  You also need to know that you can only qualify if you have restructured your mortgage or gone through a foreclosure.  Talk to your lender about specific tax exemption rules and qualifications.  To qualify for the Mortgage Debt Relief Act, you must have had debt cancelled between the years of 2007 and 2013.

If you do have any cancelled debt that took place in between 2007 and 2013, talk to your lender and/or tax professional for sound advice regarding how to make the best financial decision.  If you think you're at risk for default or foreclosure in 2014, also have a conversation with your lender to see what he or she can do for you to stop that possibility.