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ECOP (Poor Credit / Housing Event Loan)

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The Enhanced Credit Opportunity Program allows borrowers to obtain mortgage loans in circumstances that are not normally available to them in today’s Conforming Credit market. These loans are typically designed for borrowers who have experienced rough patches along the way and/or are looking for a tax benefit or investor opportunity. All loans stringently meet or exceed the 8 features of the ATR requirements plus provide a substantial benefit to the borrower.

Basic Requirements:

  • Max Loan Amount: $2,000,000
  • Bankruptcy: Chapter 7- 12 Months, Chapter 13- 12 Months Dismissed
  • Foreclosure & Short-sale: One day out
  • DTI: 43-50% with compensating factors
  • Down Payment: 20%
  • Max LTV: 80-90% depending on the scenario
  • CLTV: N/A
  • Max Properties: N/A
  • Reserve Requirements: 3 to 12 months based on product and underwriting
  • Credit Score: 500
  • Can potentially use Bank statements to support income.

There are many other sub programs that make up the ECOP program.  Click links below to read more information.

FULL DOCUMENTATION / SECOND HOMES
SELF EMPLOYED SOLUTIONS / SELF EMPLOYED SOLUTIONS EXPRESS
INVESTOR SOLUTIONS
FOREIGN NATIONAL
INTEREST ONLY
NON WARRANTABLE CONDOS

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