While other lenders have clamped their credit policies to mitigate coronavirus recession risk, Sprout Mortgage has expanded the qualifications of its suite of non-QM programs.
The company has announced a few enhancements to its non-QM programs to provide additional home loan options to non-qualified but creditworthy borrowers. These improvements include:
- A new max 85% LTV on most loan programs
- Reduced rates across the entire program offering
- Increased maximum loan amounts at lower loan-to-value levels on the Select program series
The move comes on the heels of the launch of four non-QM programs including full doc, bank statement, asset depletion, and investor financing, with loan amounts to $4 million. Sprout's loan programs are available through many widely used mortgage product and pricing engines such as Optimal Blue, Loan Sifter, EPPS LoanNex, and Mortech.
"We're pleased to broaden the qualifications and capabilities of our programs to help our clients meet the needs of borrowers in today's evolving markets," said Sprout Mortgage President Michael Strauss. "Our Premier, Select and Inve$tor programs, along with innovative technology and highly skilled account executives, combine to make non-QM mortgages easy and convenient for our clients while providing a broad range of solutions for many different home finance scenarios."