Did you know that MortgageDepot’s NonQM program offers reduced seasoning on major credit events? It’s true!
If you have experienced a foreclosure, short sale, deed in lieu, default modification, or were over 120 days delinquent, with a minimum of 12 months since the event, you may still be eligible for a loan with an additional Loan Level Price Adjustment.
Only one major credit event is allowed, and all occupancy types are considered. Seasoning begins from the date of discharge or property resolution, such as the sold date.
Foreclosures included in a bankruptcy based on discharge date are acceptable if the borrower vacated the property. A Letter of Explanation from the borrower is required.
Even if you only hold title to the property and are not on the mortgage, your credit event will still be considered, and seasoning requirements will apply.
All borrowers must be current on their mortgage at the time of application. Contact MortgageDepot to learn more about our NonQM program and how we can help you achieve your homeownership goals!
