We’re excited to announce a serious change to our credit score necessities for Non-QM mortgage applications.
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 at the least three commerce strains to qualify. These commerce strains might be bank cards, auto loans, mortgages, or different reported accounts.
Now, we’ve made it simpler.
With our up to date tips:
- You solely want one commerce line.
- That commerce line might be open for as little as one month.
- So long as you may have three scores and your center rating is 700 or greater, you qualify for any Non-QM program we provide.
Why This Issues?
We perceive that not each borrower has a protracted credit score historical past. Possibly you’ve averted debt, or perhaps you’re new to constructing credit score. Underneath our new guidelines, you possibly can nonetheless qualify for a similar Non-QM merchandise, together with these for self-employed debtors, traders, and others with non-traditional revenue documentation, with out assembly the outdated commerce line necessities.
Contact us to debate your restricted credit score historical past and the way we may help you safe financing.
