Inclusiv/Mortgage expands services and operations to meet the demands of today’s high-rate market
Expanding access to homeownership is a key component of Inclusiv’s mission of financial inclusion. Launched in 2005, Inclusiv/Mortgage established a secondary market outlet for member credit unions with a focus on under-resourced members. Over the years, demand has grown significantly with a portfolio now comprised of $30 million in affordable home mortgages originated across 35 Community Development Credit Unions (CDCUs) nationwide as of April 2023.
As a result of this growth, Inclusiv/Mortgage is pleased to announce expansion in several areas: 5/1 & 10/1 ARMs for borrowers with a social security number, a new 5/1 ARM for ITIN borrowers, and leveling the rates between the 5/1 & 10/1 ARMs for social security borrowers and ITIN borrowers, lower loan minimums for ITIN loans, credit scores as low as 580 (from 620), front end DTI allowance up to 38% (from 35%) and various changes to required documents to make the mortgage process quicker and easier.
Inclusiv/Mortgage Adds ARMs & Levels the Playing Field Between SSN & ITIN Borrowers
To help under-resourced borrowers achieve the dream of homeownership in this high-rate market, Inclusiv/Mortgage will now offer 5/1 & 10/1 ARM options for borrowers with a social security number and a 5/1 ARM option for borrowers with an ITIN. When rates are high, adjustable-rate mortgages are usually lower than fixed-rate mortgage
“We believe these changes will help more borrowers qualify for home loan financing, especially in the current home market where increased prices and low inventory make it difficult for under-resourced people to get to the finish line.”
Bob Mundy, Director of Inclusiv Mortgage