Full Spectrum Lending
Full Spectrum Lending is a division of Countrywide Home Loans. Countrywide was founded in 1969 in New York and moved to Los Angeles, California less than one year later. They offered FHA and VA loans but were low on capital, so they decided to operate their mortgage company in a bank-like fashion. This proved to be very successful. Soon Countrywide expanded to eight other states, pursuing their dream of being truly countrywide. Countrywide became a pioneer of computerized files, speeding up the loan process and reducing costs. In 1996, Countrywide decided to diversify its mortgage business segment and launched the Home Equity Lending Division followed by Full Spectrum® Lending, Inc. which is a subsidiary of Countrywide that offers loans to borrowers with less-than-perfect credit. In December 2004, Full Spectrum Lending, Inc. was merged into Countrywide Home Loans, Inc. to become one of its internal divisions. Full Spectrum is headquartered in Calabasas, California and has a home loan product line tailored to meet the needs of a wider range of home owners, home buyers and business partners involved in residential finance. As part of the Countrywide family, Full Spectrum Lending is included in the Countrywide Financial Corporation’s $128496 millions of assets and $3611 millions of pretax earnings for 2005. Countrywide has 550 offices across the country and employs more than 10,000 people.
Full Spectrum Lending Mortgage Loans
Full Spectrum Lending offers many funding options, from home equity lines of credit to conventional and non-conforming loans. If you are already a home owner, you may have equity in your home and that could translate into cash when you need it. At Full Spectrum, 4 out of 5 loan applications are approved and your cash can be used for debt consolidation, lowering your overall monthly payments, taking a vacation, buying a new car, or whatever your particular need is. Full Spectrum Lending offers fixed interest rate loans in 15 and 30 year terms with loan amounts up to $500,000 (and even more on a case by case basis). They offer a 30 year adjustable rate mortgage whose rate and APR adjusts every six months. A combination fixed/adjustable rate loan is also available in which the rate and APR are fixed for three years and then adjust every six months thereafter.
Full Spectrum Funding has options for low- to moderate-income home buyers which includes a low down payment and 100% financing. They accept gift funds, seller contributions and second mortgages as all or part of the down payment. They also work with those whose credit could use improvement. A low documentation funding process is available for the self-employed or the business owner. Full Spectrum Lending also offers consultation for the real estate investor.
Full Spectrum Lending Pre-Qualification
Full Spectrum Lending offers online pre-qualification that requires no obligation, no cost and no credit report. A Home Loan Advisor is available to answer questions and make recommendations according to your personal needs. The applications and approvals are fast and the application fees are low. Full Spectrum tries to serve the needs of low income, poor credit and minority buyers.
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