Caliber Home Loans has unveiled its Non-Agency Alternative program, which offers expanded guidelines and qualifying considerations for asset depletion to eligible, qualified borrowers, including expanded debt-to-income ratios, an interest-only option and no prepayment penalties.
The new program is part of a suite of new non-agency mortgage products that will make it easier for certain types of borrowers to secure home loans, the company reports.
Specifically, the company has launched a new ‘fresh start’ credit re-establishment program for borrowers who may have experienced a credit event, but cannot find a program in the marketplace that meets their needs as they re-establish a strong credit history.
Caliber has also introduced a special program for foreign nationals who are not citizens of the U.S. and whose mortgage needs are not being met by the market's current offerings, despite the fact that they are qualified borrowers.
In addition, Caliber has launched a non-warrantable condos program for borrowers who currently have limited options because they are looking to finance condos in projects that are not currently eligible for loans backed by the government-sponsored agencies.
The goal is to help more consumers attain their dream of homeownership by expanding the options available to eligible and qualified borrowers.
‘At Caliber, we recognize that there are qualified, creditworthy borrowers with home financing needs that are not being served by the agency and government programs that are currently available in today's marketplace,’ says Joe Anderson, CEO of Caliber Home Loans, in a statement. ‘Our goal is to increase the opportunities available to borrowers to expand the boundaries of homeownership and allow more qualified borrowers to enter the market. We are confident that our prudent underwriting guidelines, coupled with the way we have structured each of these products, creates a winning combination for both Caliber and the customers we serve.’