Omega Mortgage News You Can Use

Over the past few years, the rules in the mortgage business were if you had paid your mortgage late in the last 12-months you couldn't be approved for new financing. Well as of today, the game has changed!

Omega Mortgage announces the roll out of a new mortgage program that allows qualified borrowers who have paid their mortgage late no more than once in the last 12-months, to either refinance or purchase a new home.

This program has a few guidelines (see below) but overall it's not that restricting. The program is offered in the form of a 30-year fixed rate or 5 and 7-year ARM options are also available.

The basic program guidelines are as follows:

• Maximum of one 30-day late payment in last 12-months
• Mortgage must presently be current
• Maximum debt ratio of 45%
• Minimum credit score of only 620!
• Maximum loan amount of $500,000
• Maximum loan-to-value (LTV) of 80%
• 1st Lien position only

If you've been wishing you could refinance to today's low rates, or wish you could buy a new home but thought you couldn't, think again! This program also allows you to consolidate existing debt such as credit cards as a part of the refinance.

If you or someone you know may benefit from this new mortgage program, please contact Eric LaFleur at Omega Mortgage in Salem, NH at 603-893-8304 or 603-966-6255.