First Franklin, a non-prime wholesale lender, announced the release of their newest mortgage program called the Best Score Program. For loans with more than one applicant, this loan features an ability to use the higher credit scoring borrower’s score to qualify for a home loan.
Conventional guidelines typically require the lender to determine which borrower makes the highest income and designates that person as the “primary” borrower on the application. From that determination, loan programs have different credit score requirements; some require the primary borrower meet a certain score and some programs use the lowest score of any applicant on the transaction.
First Franklin’s Best Score Program allows the home loan applicant with the highest credit score to be used for qualifying on the loan. Using the higher credit score could mean better interest rates and higer percentages of financing (lower down-payment percentages). More information can be found by visiting their website here.
Option One first announced this type of program in mid-2006 and mortgage brokers have taken advantage of the credit flexibility to qualify more applicants into 5% or 0% down-payment loans than they could have qualified for previously.
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