New Embrace Home Loans program responds to affordability challenges

Borrowers with FICO scores as low as 580 may qualify

New Embrace Home Loans program responds to affordability challenges

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.

 

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