Do you know that MortgageDepot’s NonQM program gives diminished seasoning on main credit score occasions? It’s true!
If in case you have skilled a foreclosures, quick sale, deed in lieu, default modification, or have been over 120 days delinquent, with a minimal of 12 months because the occasion, you should still be eligible for a mortgage with an extra Mortgage Stage Worth Adjustment.
Just one main credit score occasion is allowed, and all occupancy sorts are thought of. Seasoning begins from the date of discharge or property decision, such because the offered 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 for those who solely maintain title to the property and are usually not on the mortgage, your credit score occasion will nonetheless be thought of, and seasoning necessities will apply.
All debtors should be present on their mortgage on the time of software. Contact MortgageDepot to study extra about our NonQM program and the way we may help you obtain your homeownership objectives!
