FGMC leverages a logical approach to the evaluation of borrower capacity and creditworthiness, with an emphasis on Ability to Repay (ATR) and risk mitigation through sound underwriting and documentation practices. Our products and programs are supported by compliance and quality control.
The Explorer Equity program was created for the borrower who is ready for the home of their dreams, but wants flexible mortgage solutions to keep it affordable. This could mean taking advantage of a piggyback or standalone second mortgage to avoid having to pay Private Mortgage Insurance (PMI), creating an escrow account, or making a large down payment.
The Explorer Equity program allows for:
- Credit Scores as low as 640 in some scenarios
- CLTV up to 90% for 2nd lien behind Non-QM
- CLTV up to 95% for 2nd lien behind QM
- DTI up to 45%
- Piggyback or Standalone
- Cash-Out Available (No Limit to Amount) up to 85% LTV (Excludes Texas) behind Non-QM
- Cash-Out Available (No Limit to Amount) up to 95% LTV (Excludes Texas) behind QM
- 10, 15, 20, and 30 Year Fixed and 10-Year Interest Only Options Available
- Maximum Loan Amount $500,000
- Maximum Combined Loan Amount $2,500,000
- No Prepay Penalty
- SFR, PUD, 2-4 Unit, Townhome, and Warrantable Condos Eligible
We believe the Explorer borrower has a dynamic homebuying story, and Maverick Solutions wants to help tell it.