Caliber Home Loans has announced four new products aimed at non-agency borrowers. The product expansion includes:
- Caliber's "Fresh Start" Program: A 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.
- Foreign Nationals: Aimed at qualified borrowers who are not citizens of the United States and whose mortgage needs are not being met by the market's current offerings.
- Non-Warrantable Condos: Aimed at borrowers looking to finance condos in projects that are not currently eligible for loans backed by the government sponsored agencies.
- Non-Agency Alternative: 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.
Caliber Home Loans CEO Joe Anderson said the products were aimed at "qualified, creditworthy borrowers" not currently served by agency or government programs.
"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. As one of the industry's leading mortgage lenders, we are thrilled to be able to offer more home financing choices to even more customers."
While the loans are aimed at borrowers outside the agency scope, Anderson said the lender took Ability to Repay requirements "very seriously".
"By conducting in-depth Ability to Repay analysis on every loan we underwrite, we give customers the peace of mind that they are purchasing a property that they can afford."
A top residential mortgage origination and servicing company has announced the launch of new products aimed at borrowers that fall outside agency and government programs.