Overcoming Conventional Thinking Around Mortgage Underwriting

It is more important than ever that lenders be willing to go above and beyond to find financing for today’s potential homebuyers. Rates and home prices have made affordability an issue for some, while others may be finding it difficult to get financing because they’re self-employed. For some, they may not have the best credit history, having had a recent bankruptcy or foreclosure.

These are good people trying to overcome some of the conventional thinking around underwriting that can create roadblocks for individuals who deserve the opportunity to become homeowners.

At Embrace, we took a good long look at that underwriting and decided to go beyond conventional thinking and take down those road blocks, opening up a path for many unconventional potential homebuyers to become homeowners. We believe we haven’t just opened up a path but paved a road to homeownership for many who would have otherwise not taken the journey.

If your client is young, enjoying life, and bringing their talents to a bunch of different companies — or maybe they’re old and wise and decided it was time to work for themselves — we have underwriting criteria that doesn’t look at tax returns but, instead, 1099 income based on bank statements. Or, maybe they’re just starting out on their own and don’t even have a business set up — we can document their income looking back at only 12 months of personal bank statements. If they’re further into it, it’s just two years of business bank statements.

If your buyer has had credit issues that they want to put in their past, we are offering financing options that they may qualify for one day out of a Chapter 13 or just one year out of a Chapter 7 — all while enjoying lower down payments without the need for mortgage insurance.

Or, maybe their live in a high cost area where a longer term makes homes more affordable — or maybe a 40-year loan makes more sense for them for whatever reason. We have that option. We have literally gone “Beyond” even what we had hoped to do in making affordable financing options available to good people.

Call your local Embrace loan officer today to discuss the opportunities Embrace has available to turn your potential homebuyers into happy homeowners.