Bulletin 15-10 originally issued February 3, 2015 has been revised to update HomeBridge payment verification options.
HomeBridge is pleased to announce a no overlay/no credit option on the FHA non-credit qualifying Streamline and VA non-credit qualifying IRRRL when the loan being refinanced is currently owned by HomeBridge and serviced by Cenlar.
HomeBridge will waive all HomeBridge overlays and follow straight FHA or VA guidelines on these loans subject to eligibility.
Benefits
HB to HB FHA Non-Credit Qualifying Streamline
- Credit report/mortgage only credit report not required
- No credit score overlays
- Units eligible
- Investment property eligible
- Short form title acceptable (if allowed by state law)
HB to HB VA Non-Credit Qualifying IRRRL
- Credit report/mortgage only credit report not required
- LTV/CLTV unlimited
- AVM/2055 not required
- No credit score overlays
- Units eligible
- Investment property eligible
- Short form title acceptable (if allowed by state law)
Determining Eligibility
To determine if a loan is eligible for the no overlay/no credit option, brokers should email HomeBridge at hbtohbwholesalevalidations@homebridge.com. The email “Subject Line
