BrooksAmerica Mortgage 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.