Non-QM lender FGMC unveils new second-lien offering

First Guaranty Mortgage Corporation (FGMC), one of the big players in the non-QM space, has deployed a new loan program “designed to increase opportunities for homeowners who would like to access the equity in their homes.”

FGMC’s Stand-Alone Second Lien program is the latest addition to its flagship non-QM product suite, Maverick Solutions. Paul Jones, senior vice president of non-QM development and production at FGMC, said the 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.”

The Second Lien program, also called Explorer Equity by the company, offers borrowers flexible guidelines and expanded credit parameters, including: