Creative Mortgage Lending Introduces Nonprime Standalone Second Program

Creative Mortgage Lending (CML), a wholesale lender specializing in Alt-A and nonprime lending, has introduced their Nonprime Standalone Second Program. The new loan products offered under the program are Alt-A Standalone Home Equity Line of Credit (HELOC), Alt-A Standalone Second Mortgage and the Nonprime Standalone Second Mortgage.

CML’s Standalone Second Program provides a minimum loan amount of $25,000 and a maximum combination loan amount of $550,000. The maximum loan-to-value ratio after bankruptcy discharge is 90 percent if it has been less than 24 months, and 100 percent if it has been more than 24 months since bankruptcy. The maximum debt-to-income ratio is 50 percent with a first lien adjustable rate mortgage (ARM) rate and 55 percent with a first lien fixed rate. The program also does not require reserves or a limit on cash out.

"When brokers find out that they can do a nonprime stand alone second, down to a 530 credit score with unlimited 30′s and 60′s on the mortgage history, they will not believe it," said Blaise Dietz, co-president and co-CEO of Creative Mortgage Lending. "If a customer needs a second mortgage and they do not have good credit, we are the only lender in town that can help. CML’s Nonprime Standalone Second Mortgage is a great solution."

The Standalone Second Program is the most recent addition to CML’s suite of loan products and services offered to fulfill brokers’ needs. The company’s products include low-range core rates, mid-range expanded rates and platinum rates. CML’s platinum rates are the most stringent credit product with the best subprime rates.

"I searched over 60 lenders for a second mortgage for a customer with special needs, and I found the best rate, terms and service with Creative Mortgage Lending," said Allyson Karnes, president of Heritage Mortgage Corporation. "They are at the top of our approved lenders list."