NEW YORK–Inclusiv/Mortgage has announced an expansion of its product offerings.
According to the company, it is introducing new mortgage options that include:
- 5/1 & 10/1 ARMs for borrowers with a Social Security number
- A new 5/1 ARM for ITIN borrowers
- A “leveling” of rates between the 5/1 & 10/1 ARMs for social security borrowers and ITIN borrowers
- Lower loan minimums for ITIN loans, credit scores as low as 580 (from 620)
- Front end DTI allowance up to 38% (from 35%)
- Changes to required documents to make the mortgage process quicker and easier.
“To help under-resourced borrowers achieve the dream of homeownership in this high-rate market, Inclusiv/Mortgage will now offer 5/1 & 10/1 ARM options for borrowers with a Social Security number and a 5/1 ARM option for borrowers with an ITIN,” Inclusiv/Mortgage said. “When rates are high, adjustable-rate mortgages are usually lower than fixed-rate mortgage loans, resulting in a lower payment and making it easier to qualify. We’ve also lowered our loan minimum requirements to help borrowers in lower-priced areas qualify and leveled the playing field for ITIN borrowers, giving them the same rates as SSN borrowers.”
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