Beyond Credit – An Innovative Solution

by Elena Garrett, March 2, 2024

One of our long-standing partners, Supreme Lending, announced a groundbreaking new program that would allow home buyers with low credit scores or insufficient job history to be eligible for a home purchase.

Here is the video of the interview with Karla Parra from Supreme Lending discussing the program on our podcast.

Why is this program different?

The 3.5% down payment (and an opportunity to find homes with 0% down payment) with zero credit or no credit make this program unlike anything I have seen before on the market. It is almost too good to believe, but it is coming from a very reputable institution (Supreme Lending). If I was a home buyer, I would apply for the program before it becomes more well-known to the public.

How does this program compares with other solutions for low-credit home shoppers?

Up until now, the solutions for people with no credit or low credit were very limited and included a rent-to-own program, seller financing, or very tailored loan programs that required a large down payment. The problem?

• The rent-to-own programs were very difficult to get approved for (and the selection of homes was very, very small to accommodate most buyers)
• The large down payment (20%-30%) needed for seller-financed loans and low-credit loans was a big barrier for many potential buyers. Plus, very few homes were available with seller financing in the first place.
• Tailored programs (like bank statement loans) offered by a few lenders required 15%-30% down payment, making them not affordable for most home buyers.

In comparison to those solutions, Beyond Credit is a trully revolutionary program that will allow a huge population of home buyers who were “un-loanable” up until now to enter the home market.

A similar program could be used for home buyers with ITIN loans, DACA recipients, and other groups of non-citizen residents who might be interested in purchasing a home.

How to get started with this program?

First, connect with Elena (469) 371-4961 and discuss your time line, maximum monthly mortgage payments, and your overall situation (how many people will be on the loan application, are there any other issues to consider other than finances, etc), and Elena will be able to connect you with the loan program or recommend a different program that might be more suitable for your situation.

CALL 469-371-4961 FOR DETAILS

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