Ditech Financial, a nonbank lender in Fort Washington, Pa., is the latest lender to
The home equity product is being offered through its correspondent aggregation channel and is intended to be combined with a new first mortgage, Ditech said. It's designed to help first-time homebuyers who don't have a 20% down payment be able to avoid private mortgage insurance.
In addition, this product is designed to keep first lien mortgage balances at or below conforming loan limits. It will also offer possible tax deductions and benefits.
The new home equity product can be used as a purchase-money piggyback or credit-only piggyback. Features include single disbursements and loan amounts in $100 increments among other things.
