New Embrace Home Loans program responds to affordability challenges

by Francis Monfort22 May 2018

Embrace Home Loans has launched its new “beyond” mortgage program, which expands home-financing options to more borrowers.

The program allows self-employed borrowers and borrowers with a FICO score as low as 580 to qualify for a mortgage. The program also shortens the period for borrowers to qualify for a mortgage following a bankruptcy or a foreclosure to only two years. Loans under the program can be obtained for up to $2 million in financing and can be used on non-warrantable condos.

“We are thrilled to bring to market a loan product that helps more people achieve their dreams of homeownership,” Embrace CEO Dennis Hardiman said. “beyond is more than a smart, timely response to today’s affordability challenges. By expanding homeownership opportunities, we’re helping more families attain long-term financial stability—and that’s what we are about.”

Embrace said the program will be backed by its underwriting methods which apply a more thorough analysis of a borrower’s ability to pay than conventional methods.

 

Related stories:
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Embrace Home Loans hires mortgage product innovation exec

 

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