First Guaranty Mortgage Corporation® Announces New Second-Lien Program

PLANO, Texas, June 15, 2022 /PRNewswire/ -- First Guaranty Mortgage Corporation^® (FGMC), a national leader in the mortgage industry, announced the launch of a Stand-Alone Second Lien program. This represents an exciting new addition to the company's already robust suite of proprietary Non-QM products, Maverick Solutions™. The Second Lien program is specifically designed to increase opportunities for homeowners who would like to access the equity in their homes but without disrupting the rate, they may have previously locked in on their primary mortgage.

FGMC's Second Lien Program, known as Explorer Equity, is currently limited to a Stand-Alone offering; however, the company plans to expand to offer a piggy-back option quickly. Also, with flexible guidelines and expanded credit parameters like a minimum credit score of 680, up to 100% combined Loan-To-Value (LTV), allowance of owner-occupied or second homes, and the ability to qualify despite past bankruptcies, this program increases loan accessibility for borrowers who may not otherwise qualify.

"Like all Maverick Solutions products, FGMC's Explorer Equity program is designed to meet the unique needs of today's borrowers, said Paul Jones, SVP of Non-QM Development & Production. "The needs of borrowers today can change quickly as the market fluctuates, and we must be nimble and ready to adapt with it. This new offering gives individuals an affordable alternative to tap into their home's equity. As the market fluctuates, borrowers can gain peace of mind with a fixed rate throughout the loan term."

FGMC is committed to always thinking outside the box and telling the unique stories of today's borrowers. Through each of its origination channels, the company remains committed to building strong customer and partner relationships while delivering innovative mortgage solutions.

Maverick Solutions™ is a proprietary Non-QM product suite by First Guaranty Mortgage Corporation^® (FGMC) NMLS ID 2917, whose mission is to tell the unique stories of today's borrowers. Through Wholesale and Non-Delegated delivery, FGMC is committed to always thinking outside the box and delivering the best possible experience for its lending partners and borrowers. Widely regarded as an industry leader in the non-agency space, Maverick Solutions offers personalized trainings, webinars, a loan pricing and qualifier tool, and a Structure Desk at nonqm@fgmc.com. For more information on FGMC visit www.fgmc.com.

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SOURCE First Guaranty Mortgage Corporation