HomeBridge is pleased to announce that effective January 11, 2015 we will be offering the Expanded Plus program. Self-employed borrowers and borrowers using alternative documentation will benefit from the flexibility offered by the Expanded Plus program.
Highlights of Expanded Plus are provided below.
- The Expanded Plus program has multiple documentation options:
- Full Doc is available for wage earner/salaried and self-employed borrowers.
- Alt-Doc Limited is available for wage earner/salaried borrowers and/or salaried plus commissioned borrowers.
- Alt-Doc 24 and Alt-Doc 12 are available for self-employed borrowers with > 25% or more ownership interest in a business. Borrower is qualified using the applicable number of month’s personal bank statements.
- Asset Depletion is eligible as a stand-alone option or to supplement other income to lower DTI
- Minimum credit score 660
- 1-4 unit owner-occupied, 1- unit second home, and 1-4 unit investment properties eligible
- SFR, PUD, condo (Fannie Mae warrantable), site/detached condos, and modular properties eligible
- Purchase, rate/term and cash-out allowed
- Permanent resident aliens, first time homebuyers, and non-occupant co-borrowers eligible (non-occupant co-borrower, blended ratios allowed)
- Maximum loan amount $2,500,000
- Maximum LTV 75% (maximum LTV is determined by documentation option/credit score and property type; refer to the Expanded Plus program guidelines for details)
- Maximum DTI is determined by LTV:
- > 65% LTV: 50%
- ≤ 65% LTV: 55%
- Maximum DTI for first time home buyer is determined by LTV and documentation option:
- Full Documentation:
- > 65% LTV: 50%
- ≤ 65% LTV: 55%
- All other documentation options (Alt-Doc 24, 12, Alt-Doc Limited)
- Maximum 43% DTI
- Full Documentation:
- Residual income is required as follows:
- DTI ≤ 43% not required
- DTI > 43% require residual income:
- Residual income is defined as qualifying income minus total monthly obligations
- The required amount of residual income is determined by: Subject loan amount multiplied by .45% equals required residual income (i.e. loan amount x.45% = amount of required residual income)
- Down payment requirement determined by documentation option:
- Full Doc owner-occupied: Minimum 10% borrower own funds
- All others (occupancy and documentation options): Minimum 30% borrower own funds
- Gift funds, from an immediate family member, eligible after borrower own funds requirement met
- Mortgage/rental history: 0x30 in previous 12 months (no exceptions)
- Two year employment history in same job or same line of work. Self-employed borrowers require business to be in existence for a minimum of 2 years.
- Borrowers with derogatory credit eligible with 12 months seasoning from event end date to application date
- Borrower may have up to 10 financed properties, including subject
- No seasoning requirement for refinance transactions
- Reserve requirements determined by loan amount
- An “Approve/Ineligible
