We’re excited to announce a significant change to our credit score necessities for Non-QM mortgage packages.
What’s Modified?
Previously, if we pulled your credit score from all three main bureaus —TransUnion, Equifax, and Experian —and your center rating was 700 or above, you continue to wanted a minimum of three commerce traces to qualify. These commerce traces could possibly be bank cards, auto loans, mortgages, or different reported accounts.
Now, we’ve made it simpler.
With our up to date pointers:
You solely want one commerce line.That commerce line could be open for as little as one month.So long as you will have three scores and your center rating is 700 or increased, you qualify for any Non-QM program we provide.
Why This Issues?
We perceive that not each borrower has an extended credit score historical past. Perhaps you’ve averted debt, or perhaps you’re new to constructing credit score. Below our new guidelines, you possibly can nonetheless qualify for a similar Non-QM merchandise, together with these for self-employed debtors, buyers, and others with non-traditional earnings documentation, with out assembly the previous commerce line necessities.
Contact us to debate your restricted credit score historical past and the way we will help you safe financing.
