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First Guaranty Mortgage Corporation relaunched Maverick Solutions, its proprietary Non-QM product line. The company released its Achiever Expanded Credit, Champion Prime Jumbo and Visionary Investment products for wholesale and non-delegated delivery, according to a press release.
"Non-QM is a sector of the market that we are passionate about," said Aaron Samples, CEO. "We are committed to being leaders in the Non-QM space and continuing to tell the unique stories of today's borrowers through our products."
With the Achiever Expanded Credit product borrowers can secure loans amounts of up to $2 million with a credit score as low as 640. The Champion Prime Jumbo product follows by allowing loans of up to $3 million with a credit score as low as 680. Meanwhile, the Visionary Investment product gives borrowers the ability to qualify using cash-flow of the subject property with a debt service coverage ratio of 1.15%.
"Maverick Solutions helps create possibilities for those who may be self-employed or who fall just outside the agency guidelines," said Non-QM Business Development Manager, Paul Jones.
FGMC also launched a series of educational resources for clients and partners to help them learn how these products work and how they can expand their business through Non-QM.