Community Mortgage ProgramThe industry's most innovative product
A Return to Common-Sense Underwriting
Community Mortgage is a return to common-sense underwriting. This innovative product addresses the regulatory rules limiting prime borrowers’ access to lending by eliminating unnecessary documents that are not part of the credit underwriting decision.
Community Mortgage was designed to fill the void and address the issues limiting prime, credit worthy borrowers’ access to credit through common sense underwriting. This exclusive mortgage product is unique in the marketplace.
- Delayed Financing option is now treated and priced as a Rate & Term Refinance transaction
- All transactions with a LTV ≤ 60% now require only 3 months reserves
- NEW PROPERTY TYPE: Non-Warrantable Condos now eligible again up to a max 65% LTV
- PLEASE NOTE: State eligibility and restrictions have been updated & defined
- Appraisal age is limited to 120 days max – Recerts of value are no longer permitted.
- Borrowers who have had a recent forbearance are now eligible as long as they now meet FNMA forbearance reinstatement requirements
- Collection accounts totaling more than $5,000 must be paid in full (prior there was no minimum total – all outstanding had to be paid regardless of dollar amount)
- Max acreage has been increased up to 40 acres max.
- Mixed Use property guidance has been added and defined.
- Cash out proceeds can now be used towards the reserve requirement
- Homeowner Education – clarification has been provided stating at least one borrower must complete
- Self-Employed/Small Business Owner
- Volatile or Irregular Income
- Seasonal & Gig Workers
- Real Estate Investors
- Owners & Employees of Cash Businesses
- Newly Self-Employed
- Transitioning from Recent Health, Family,
or Other Life Events
- Looking to Tap Trapped Home Equity
- Recent Immigration
- Disqualified Income