Fresh Start may be the lending solution your borrowers with a previous bankruptcy or foreclosure need. The Fresh Start portfolio product from MortgageDepot is just that – it’s designed to help borrowers buy or refinance a home after having been forced into bankruptcy or foreclosure, but have since rebuilt their credit.
Below are a few points about the program, we do recommend contacting us directly for more information.
Fresh Start offers the following features and benefits:
- LTV up to 85% financing, 15% down payment
- No seasoning requirement for Bankruptcy, foreclosure, deed-in-lieu or short sale
- No mortgage or rental pay history required
- Minimum credit score 580
- DTI up to 50%
- Loan amounts from $100,000 to $1,000,000
- Purchase money, rate term, and cash-out refinance
- 100% gift funds from family members for down payment or reserves are allowed
- $350,000 max cash back on cash-out refinancing transactions
- 5/1 ARM and 30-year Fixed options available
- No pre-payment penalties
Contact one of our loan consultants to learn more about this program.