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Arc Home Loans has expanded its Arc Access Non-QM program, according to a company email. All the enhancements listed below will be effective on Jan. 15, 2021.
The company is expanding the eligibility of their Non-QM program, including a Debt Service Coverage Ratio of up to 80% loan-to-value for purchase and rate/term finance transactions. For first-time homebuyers, Arc is increasing the debt-to-income eligibility up to 50%, payment shock threshold to 350% for qualifying transactions and LTV up to 85% at a 680 credit score for alternative income. Additional enhancements include new eligibility options for alternative income and a reduction in reserves for eligible rate/term refinance transactions with an LTV > 80%.
Arc Has also made a number of guideline updates as well.