News & Blog

COVE FINANCIAL’S MORTGAGE ALTERNATIVE PROGRAM HAS LAUNCHED!

The innovative Mortgage Alternative Program (MAP) aims to transform home ownership for credit challenged households.

Cove Financial has launched the Mortgage Alternative Program and is taking the residential real estate market by storm. The revolutionary new rent AND own program aims to transform home ownership for households who do not currently qualify for a traditional mortgage due to a recent financial set-back.

MAP is currently offered in California, Texas, Arizona, and Washington and is looking to expand into more states later this year. COVE has already found great success purchasing over $20 million dollars worth of real estate for it’s MAP customers, with more than $80 million in the pipeline.

The Mortgage Alternative Program was designed to provide an attractive alternative for American’s who are having a hard time qualifying for a traditional home mortgage. With more than 7 million households having experienced a recent large financial event--such as foreclosure, bankruptcy or short sale-- the MAP program based on more a holistic, human-based underwriting approach, is a welcome “Yes” in a sea of financial “No’s”.  Cove measures a prospective customer’s potential as a home-buyer on their overall financial history, not just their credit score. By taking other factors into consideration such as ability to make a monthly mortgage payment, overall employment stability, total credit history, and monthly bank statements, Cove Financial is able to qualify potential MAP customers who are not yet able to attain a standard mortgage due to credit issues that have yet to cure.

For many of the current customers of the Mortgage Alternative Program, it was not only the quickest way to get back on their feet but also a means to reaffirm the American dream of home ownership.

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