Fresh Start eliminates seasoning requirements for bankruptcies, foreclosures, deed-in-lieu of foreclosures and short sales.
Fresh start is a non-QM (Non-Conventional) Mortgage Loan designed for borrowers who are recovering from a recent short sale, bankruptcy, foreclosure or deed-in-lieu, those with damaged credit.
Other features include:
- Minimum 580 FICO scoring
- Non-traditional credit histories may qualify
- Up to 50% DTI ratios
- No mortgage or rental pay history required
- 1 day out of bankruptcy
- Foreclosure, Less than 24 months, ok.
- 100% gift funds from relatives permitted
- 30 year Fixed & 5/1 ARM available
- No mortgage or rental pay history required
- No Pre-Payment penalties
Loan Amounts:
Minimum Loan Amount: $100,000
Maximum Loan Amount: $1,000,000
Down payment requirements
- Minimum 15% down (85% LTV) for a Primary Residence, SFR (Single Family Residence).
Purpose of Transaction
Purchases
Rate & Term Refinancing
Cash Out Debt Consolidation (Refinancing) – Maximum cash-out is: $350,000
Ownerships allowed
- Primary Residences
- 2nd Home Financing
- Investment properties
Property Types
- Condo’s
- Non-Conforming Condo’s
- Condo Hotels
- High Rise Condo’s
Income Documentation:
Tax Returns
Down Payment funds can be gifted to the borrower
