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Do you know that MortgageDepot’s NonQM program affords decreased seasoning on main credit score occasions? It’s true!
When you’ve got skilled a foreclosures, brief sale, deed in lieu, default modification, or had been over 120 days delinquent, with a minimal of 12 months for the reason that occasion, you should still be eligible for a mortgage with a further Mortgage Degree Worth Adjustment.
Just one main credit score occasion is allowed, and all occupancy varieties are thought-about. Seasoning begins from the date of discharge or property decision, such because the bought date.
Foreclosures included in a chapter based mostly on discharge date are acceptable if the borrower vacated the property. A Letter of Clarification from the borrower is required.
Even in case you solely maintain title to the property and will not be on the mortgage, your credit score occasion will nonetheless be thought-about, and seasoning necessities will apply.
All debtors have to be present on their mortgage on the time of software. Contact MortgageDepot to study extra about our NonQM program and the way we might help you obtain your homeownership targets!
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