HomeBridge is pleased to announce enhancements to our Simple Access program. Additionally, some clarifications and updates have also been added. Highlights of the enhancements, clarifications, and updates are detailed below.
Simple Access Enhancements
- Maximum loan amount increased to $3,500,000 for 1-4 unit primary residence and 1-unit second home transactions (previously $3,000,000) with a minimum 680 credit score
- Maximum cash-out also increased to $3,500,000 for 1-4 unit primary residence and 1-unit second home transactions (previously $3,000,000) with a minimum 680 credit score
- Maximum LTV/CLTV increased to 85% for 1-4 unit primary residence transactions. The following applies when the LTV/CLTV is 80.01% to 85%:
- Applies to 1-4 unit primary residence; ineligible for second home, investment transactions
- Purchase and rate/term transactions only; cash-out ineligible
- Minimum 720 credit score
- Maximum loan amount $1,500,000
- Maximum DTI 43%
- 5% borrower own funds required (purchase transactions)
- Loan amounts > $750K require two full appraisals
- Additional 6 months reserves required
- Interest-only and first-time home buyers living rent free ineligible
- 80% LTV/CLTV eligible on purchase and rate/term refinance transactions with a $3,000,000 loan amount and 720 credit score
- 75% LTV/CLTV now available on cash-out transactions with a $3,000,000 loan amount and 720 credit score
- The assignment of the purchase contract is allowed on purchase transactions. The original purchase price of the subject property will be utilized and the borrower is responsible for the payment of any assignment fees.
- Rental income from a legal accessory unit eligible to use for qualifying income on all documentation options (Full Doc, Bank Statement, and Investor Cash Flow). The unit must be legally rented, and the following applies:
- Purchase transactions may use the appraiser’s opinion of market rent
- Refinance transactions generally require the rental income be listed on the borrower’s tax return and be supported by a lease
- Full Doc Option:
- Interim financials may be used to determine qualifying income for self-employed borrowers. Refer to “Use of Interim Financials to Determine Qualifying Income
- Interim financials may be used to determine qualifying income for self-employed borrowers. Refer to “Use of Interim Financials to Determine Qualifying Income
