Recent Credit Event Loans — Star Financial (Non-QM)
Mortgage options for borrowers who’ve had a bankruptcy, foreclosure, short sale, deed-in-lieu, or recent mortgage lates and don’t meet traditional agency seasoning rules.
Who This Helps
- Borrowers with BK (Ch. 7/11/13), foreclosure/short sale/DIL, or recent 30/60/90-day mortgage lates
- Self-employed or W-2 earners rebuilding credit
- Primary, second home, and investment property buyers (program-specific)
Key Benefits
- Flexible seasoning — options available well before agency timeframes (exact seasoning varies by investor and profile)
- Multiple income paths: W-2, 1099, bank statements, P&L, asset-depletion (program-specific)
- Purchase, rate/term, and cash-out available
- Credit-rebuild friendly: consider residual income, reserves, and recent pay history
Basic Eligibility (varies by investor)
- Documented resolution/discharge dates for the credit event
- FICO/LTV/reserves per matrix; larger down payment may improve terms
- Demonstrated housing payment history since the event (or verified rent)
- Property, appraisal, title, and insurance must meet guidelines
Documents You May Need
- BK discharge/dismissal, foreclosure/short sale/DIL docs, or VOM/VOR for mortgage lates
- Income docs per program (W-2/1099, pay stubs, 12–24 mo. bank statements, CPA P&L, or assets)
- Photo ID, HOI, HOA docs (if any), purchase contract/EMD (purchase) or payoff info (refi)
What Improves Approval & Pricing
- More seasoning since the event
- Lower LTV / larger down payment
- Higher reserves (e.g., 6–12+ months PITIA)
- Clean payment history after the event and strong compensating factors
How It Works
- Consult & pre-screen — confirm event type/date and your goal
- Pre-qual — match to the right Non-QM track (income method + seasoning)
- Underwriting — verify income/assets, confirm event docs, order appraisal/title
- Close — purchase or refinance with clear next steps
Star Financial • NMLS 1429 • Serving CA, TX & FL
Disclosures: Non-QM program; not a commitment to lend. Eligibility, rates, and terms subject to change and full underwriting approval. All loans subject to credit, income/asset, property, and event verification per investor guidelines.
