Homebridge is pleased to announce the addition of ARM products to the Jumbo Elite program.
ARM Eligibility
ARM transactions are subject to the following:
- Maximum 80% LTV, and
- Primary residence and second home transactions only; investment ineligible, and
- Primary residence transactions limited to a maximum 43% DTI, and
- Minimum loan amount $500,000 (including New York transactions)
ARM Qualification
The 5/6, 7/6, and 10/6 ARM are qualified as follows:
- 5/6 ARM: Qualify using the greater of:
- The fully indexed rate, or
- The Note rate plus 2%
- 7/6 and 10/6 ARM: Qualify using the greater of:
- The fully indexed rate, or
- The Note rate
ARM Disclosures
The applicable ARM disclosure must be signed and dated within 3 days of loan application
- Broker Disclosed Transactions
- Brokers must include the required ARM disclosure with the initial submission; files cannot proceed to underwriting without the ARM disclosure
- Homebridge Disclosed Transactions
- Homebridge will provide the ARM disclosure with the initial disclosures
LTV/CLTV Improvement
- 1-unit primary residence transactions with 680 credit score and $1,000,000 now eligible up to 70% LTV/CLTV (previously 60%)
Effective Dates
- The ARM product is available for new registered as of May 27, 2022
- Broker disclosed Jumbo Elite ARM transactions registered May 27, 2022 and later will require the applicable ARM disclosure to be signed and dated within 3 days of the loan application provided at loan submission
The Jumbo Elite guidelines have been updated and posted on the Homebridge website at www.HomebridgeWholesale.com on the Products and Guidelines page
The new Jumbo Elite ARM disclosures have also been posted on the Homebridge website on the Forms page under Jumbo Elite Specific
If you have any questions, please contact your Account Executive
