No Min Credit Score Residential Short Term Mortgage Advice

[Sean Richway]

I have a client seeking an owner occupied short term mortgage (12 months) that doesn't require a min credit score. The husband's score is around 475-500 and the wife's is around 550. The husband was ill and they fell behind which lead them to taking a hit on their credit score. The mortgage would be to take out a HML that is currently charging 15% interest. Property is worth around $410K and they need between $325-330K. W-2 income is $113K and husband has self employed income for 2015 of roughly $20K, with an additional $50-75K expected to be earned by year end. They would be selling their current home and moving into the property mentioned above. They have about $30-$40K in equity in their townhouse currently they would realize upon the sale. The mortgage would be to allow them to sell their townhouse and get their credit score up to closer to 600 and refinance into a conventional mortgage. Any advice is greatly appreciated!!