CREDIT FLEXIBILITY
Recent Credit Event Non-QM Loans
Borrower whose Chapter 7 discharged last month, a file agencies won't touch for years. On Expanded, Castor finances it the moment it's discharged or settled, any occupancy. Primary residence caps at 70% LTV; standard terms phase in at 24 months.
What Is a Recent Credit Event Mortgage?
Castor Financial's Expanded program finances a home as soon as a bankruptcy is discharged or a foreclosure, short sale, or deed in lieu is settled, no waiting period, any occupancy. Primary residence caps at 70% LTV, no cash-out; second homes and investment price by FICO, up to 75% LTV and 65% cash-out. Minimum FICO is 620, max DTI 50%. Standard eligibility applies at 24 months.
Why Brokers
Choose Castor
For Recent Credit Event Loans
No Clock to Watch
EXPANDED
A Chapter 7, 11 or 13 bankruptcy qualifies as soon as it's discharged or dismissed. A foreclosure, short sale or deed in lieu qualifies as soon as it's settled. There's no 24-, 36-, or 48-month wait built into the recent event path itself.​
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2nd Homes and Investment Options
EXPANDED
Recent event files on a second home or investment property aren't restricted to purchase and rate/term. LTV runs up to 75% and cash-out up to 65% at 700 FICO, both step down at 660 and 620.
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Primary Residence: 70% LTV
EXPANDED
Purchase and rate/term financing cap at 70% LTV whether the borrower is at 620, 660, or 700 FICO. The tradeoff for skipping the wait is one flat number instead of a FICO-based ladder, and cash-out isn't available until the file reaches standard eligibility at 24 months.
Documentation Type Options
EXPANDED
Full doc, 12 month bank statement, 12 month 1099 and 12 month P&L all pair with the recent event path. The credit story does not force the income story.
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Program Name | Max Loan Amount | Min FICO | Max LTV (Recent Credit Event) | Occupancy |
|---|---|---|---|---|
Expanded | $2,000,000 | 620 | 75% | Second Home, Investment |
Expanded | $2,000,000 | 620 | 70% | Primary Residence |