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New Mortgage Aims at Overcoming Common Obstacles to Obtaining a Mortgage

The loan program is being rolled out to mortgage brokers on a staggered schedule through the company’s wholesale channel and should become fully available in the near future, Countrywide announced last week.

The program’s features include:

• Payments for rent, utilities, telephone or even cable television can be used to establish a favorable credit history.

• Cash savings arrangements within a community or family can be used as a downpayment source.
• Income from child care, cleaning services, auto or home repair or other hard-to-verify sources can be considered.
• Income from non-occupants of the home can be included to help meet income qualifications for one-unit properties.
• Rent being paid to the borrower by a live-in boarder for at least 12 months can be considered.

Among those who can benefit from the program, says Countrywide, are single parents and families with household members whose individual incomes may be modest, but whose combined household income enables them to buy a home.

Fixed- and adjustable-rate loans are available under the program. Maximum loan amounts are up to the conforming limits for one-unit through four-unit properties. One-unit properties are eligible for 100% financing.

The Optimum Loan is part of Countrywide’s effort to fund $600 billion in home loans to previously underserved Americans by 2010.

For more information, click here, or call 800-747-1871.

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