In an interesting move, Argent Mortgage is introducing a new product using Danika Patrick, the Indy Car Racer they sponsor. The Alt-A Advantage is aimed at non prime borrowers who are looking to find alternatives to the present offerings on the mortgage market.
Danika Patrick has been in the news as she is negotiating with both Indy Car and Nascar on where she will drive next year. Another risky investment for Argent Mortgage.
Major characteristics of Argent’s Alt-A Advantage and Alt-A 80/20 Advantage products include:
– Loan amounts up to a maximum of $2 million
– Fully amortized fixed mortgages with 15- or 30-year payment terms, I/O options for 5-year and 10-year terms, and ARMs at 3-year, 5-year and 7-year terms
– Owner-occupied, second home or investment properties
– Minimum FICO score of 680
– Considers only two-year bankruptcy and three-year foreclosure historyThe Alt-A Advantage and Alt-A 80/20 Advantage products also present advantages to investors, who will be able to choose from a more diverse portfolio at Argent Mortgage. via PRWeb.
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