Quontic, a New York-based
"The Dodd-Frank regulations have placed
"Quontic is one of less than 2% of CDFI banks in the U.S and we were able to earn this status because approximately 70% of our home loans are to low-income populations. Quontic is proud to make homeownership even more affordable for the most financially vulnerable homeowners in our society."
This loan, Quontic said, rewards borrowers who pay higher interest rates because of income documentation issues.
Quontic is willing to lend up to $3 million for borrowers whose credit score is over 660 and made 24 timely payments on their current mortgage at an 80% loan-to-value ratio. The borrower will not have to verify income or assets, provide tax returns, W-2s, bank statements or any other documentation traditionally used to qualify for a mortgage.
Appraisals will not be required for loans up to $400,000. Investment properties are eligible at LTVs up to 75%.
The product is available nationwide. Closings should take less than 30 days from application, Quontic said. Standard closing costs apply but can be rolled into the mortgage.
But versions of these products with tighter underwriting requirements have returned to the market.
In 2016, Quontic came out with
Last April, 360 Mortgage of Austin, Texas, came out with a