Embrace Home Loans Targets Homebuyers With Lower Credit Scores
May 18, 2018
Embrace Home Loans has announced the launch of beyond, the company's new mortgage program designed to help more borrowers achieve their homeownership dreams.
Under the beyond program, self-employed borrowers and borrowers with a FICO score as low as 580 may qualify for a mortgage. Borrowers may also qualify if only two years have passed since they experienced a bankruptcy or a foreclosure, which is a significantly shorter period than required by other investors. Fannie Mae, for example, requires borrowers to wait four years after a foreclosure before they can be approved for a conventional loan. beyond loans can be obtained for up to $2 million in financing and can be used on non-warrantable condos as well.
The beyond program will be backed by Embrace Home Loans' diligent underwriting methods, which apply a more thorough analysis of a borrower's ability to pay than conventional methods. The average Embrace loan closing period is 21 days, significantly shorter than the industry average of around 40 days.
"We are thrilled to bring to market a loan product that helps more people achieve their dreams of homeownership," said Embrace Home Loans Chief Executive Officer Dennis Hardiman. "beyond is more than a smart, timely response to today's affordability challenges. By expanding homeownership opportunities, we're helping more families attain long-term financial stability-and that's what we are about."
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