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First Guaranty Mortgage Corp. (FGMC), a Texas-based mortgage financing company, has added a stand-alone second-lien program to its Maverick Solutions list of Non-QM products.
The second-lien program is designed to increase opportunities for homeowners to access the equity in their homes without disrupting previously locked-in rates on their primary mortgage, FGMC said.
The new program, known as Explorer Equity, is currently limited to a stand-alone offering, but the company said it plans to expand it to offer a "piggy-back" option soon.
With flexible guidelines and expanded credit parameters — such as a minimum credit score of 680; up to 100% combined loan-to-value (LTV) ratio; allowance of owner-occupied or second homes; and the ability to qualify despite past bankruptcies — the program increases loan accessibility for borrowers who may not otherwise qualify, according to a news release.
"Like all Maverick Solutions products, FGMC's Explorer Equity program is designed to meet the unique needs of today's borrowers,” said Paul Jones, senior vice president of Non-QM Development & Production. "The needs of borrowers today can change quickly as the market fluctuates, and we must be nimble and ready to adapt with it.
“This new offering,” Jones added, “gives individuals an affordable alternative to tap into their home's equity. As the market fluctuates, borrowers can gain peace of mind with a fixed rate throughout the loan term."
Incorporated in June 1987 and based in Plano, Texas, FMGC is licensed to operate in 49 states and the District of Columbia.