BrooksAmerica targets non-prime needsMortgagePress.comBrooksAmerica, specialty lending, alt-B mortgages
Corporation is rolling out its specialty lending division
offering "alt B" mortgages to its national brokerage network. Ed
Plata was appointed to head the specialty lending division.
Specialty lending products now available from BrooksAmerica
include: 2/28 and 3/27 adjustable-rate mortgage (ARM), or a 30-year
fixed program with loan amounts up to $1 million and credit scores
as low as 500; an 80/20 combination is allowed with loan amounts to
$750,000 with credit scores as low as 580 with full documentation
and 620 with stated income; 100 percent loan-to-value (LTV) with a
maximum of one loan is available with loan amounts up to $750,000,
with credit scores as low as 580 with full documentation and 620
with stated income; and interest only is available with credit
scores as low as 580 full documentation and 600 stated income with
LTVs up to 95 percent on full documentation.
Based in Santa Ana, Calif., BrooksAmerica Mortgage Corporation
is a direct wholesale lender. For more information, call (888)
656-2262 or visit www.brooksamerica.com.