Countrywide Home Loans has introduced a new home loan that enables borrowers to finance a home even if special circumstances make qualifying under traditional guidelines a challenge.

The Optimum Loan Program, now available through Countrywide’s retail division and in the near future through its wholesale channel, addresses common obstacles such as no funds in a savings account for a down payment or a salary based on commission that varies from month to month. Other potential borrowers through the program have not yet built a credit history by borrowing from traditional sources or have a higher than normal debt-to-income ratio.

The program will be rolled out to mortgage brokers on a staggered schedule through Countrywide’s wholesale lending division.

The program’s special features include:

  • Nontraditional credit history – sources such as history of rent, utility, telephone or even cable television payments – may be used to establish a favorable credit history.

  • Cash on hand or pooled funds – cash savings arrangements within a community or family – may be used as a down payment source.

  • Income from stated secondary sources, such as childcare, cleaning services, auto or home repair or other hard to verify sources, may be considered.

  • Income from non-occupant co-borrowers may be included to help meet income qualifications for one-unit properties.

  • Income from rent being paid to the borrower by a live-in boarder for at least 12 months may be considered.

Countrywide expects the program to benefit such customers as single parents and families with household members whose individual incomes may be modest, but whose combined household income enables them to buy a home.

***

Send tips or a letter to the editor to samantha@inman.com or call (510) 658-9252, ext. 140.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
It's not too late to join us for Connect Now today. Participate in workshops, networking and more.REGISTER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription