The CHROME PROGRAMS! A new offering from Finance of America Mortgage

Wednesday, January 4, 2017


Here at Finance of America, we pride ourselves on offering the widest arrange of loan products and programs to match your needs as our client specifically. The consistency of our efforts is backed up by the fact that new product offerings hit the market all the time! Our latest roll out is actually a set of three programs aptly titled The Chrome Programs.


The Chrome programs are three loan options that all correspond to a different level of credit in order to accommodate almost everyone in the market to buy a home, whether as a home for themselves or an investment property.


The Chrome Bank Statement Program allows for a minimum FICO score of 720 and LTVs to 70% for primary residence, 65% for second homes, and 55% for investment properties. It is designed to qualify borrowers by analyzing the cash flow in personal and/or business bank accounts for the most recent 12-month period. It allows for a maximum DTI of 45% with a maximum number of financed properties through this program being four. This program is primarily targeted to anyone with great credit looking to buy a primary residence.


The Chrome Prime Non-QM Program allows for a minimum FICO score of 680 for primary residence applications and a minimum FICO score of 700 for cash out refis and investment properties. This program allows the borrower to finance their property with some flexibility such as higher DTIs, shorter seasoning on major derogatory credit, ability to use gift funds for loan amounts up to $4million. This program allows for a max DTI of 45%. It also allows for the convenience of gift funds to be used towards down payment and closing costs.


The Chrome Expanded Criteria Program allows for a minimum FICO score of 660. This program allows borrowers with a major derogatory credit event to purchase a new home with only one day seasoning on short sale, foreclosure, and modifications. While 2 years seasoning of bankruptcy is required, there is no minimum loan amount for this program, but it offers loan amounts up to $4million. This program allows for up to 80% LTV for purchases and 75% for rate term refi’s.


No matter which one of these Chrome Programs you think may fit your financial background, our team over at Finance of America mortgage can and will make sure you are satisfied throughout your journey of financing your dream home! Call our office today at (603) 893-4100 or email me personally at for any inquiries about the loan programs discussed in this blog post! Happy New Year!