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Mortgage Products: Expanded Approval Timely Payment Rewards

We say "yes" to underserved borrowers
Our Expanded Approval helps borrowers with less-than-perfect credit buy a home at a competitive interest rate. In addition, Expanded Approval's Timely Payment Rewards® feature is a rate reduction incentive to encourage borrowers to improve their creditworthiness by making their payments on time for a consecutive 24-month period, thus qualifying them for a one-time rate reduction.

Consumer benefits

  • Loan amounts up to 100% of the purchase price.
  • Borrowers only need to make a minimum contribution toward down payment and/or closing costs of at least $500 of their own funds (for LTVs greater than 97%), or 3% from flexible sources of funds (for LTVs over 95%).
  • Potential to lower their mortgage payment after making timely payments for a specified period, without the cost of refinancing.
  • An effective alternative to FHA financing.
  • Available on fixed mortgages only.