Homebridge is making improvements and updates to the Jumbo program which are detailed below.
Primary Residence Purchase Transactions > 80% LTV (Wage Earner/W-2 Borrowers ONLY)
- Updated the maximum LTV to 89.99% (previously 90%)
- The minimum credit score has been lowered to 700 (previously 720) with a $1,000,000 loan amount for both SFR and condos
- The minimum credit score has been lowered to 720 (previously 740) with a $1,500,000 loan amount for both SFR and condos
Primary Residence Transactions ≤ 80% LTV Credit Score Improvements
- Purchase and Rate/Term: Minimum 660 credit score with 80% LTV and $1,000,000 loan amount (previously 700)
- Purchase and Rate/Term: Minimum 680 credit score with 80% LTV and $1,500,000 loan amount (previously 700)
- Cash-Out: Minimum 680 credit score with 80% LTV and $1,000,000 loan amount (previously 700)
Second Home
- Purchase and Rate/Term: Minimum 680 credit score with 80% LTV and $1,000,000 loan amount (previously 720)
- Purchase and Rate/Term: Minimum 720 credit score with 80% LTV and $1,500,000 loan amount (previously 740)
- Cash-Out: Minimum 700 credit score with 70% LTV and $1,000,000 loan amount (previously 720)
Investment Properties
- Purchase and Rate/Term: Minimum 700 credit score with 70% LTV and $1,500,000 loan (previously 720)
- Cash-out is now eligible for 1-4 unit investment properties subject to:
- Maximum 60% LTV
- Maximum $1,500,000 loan amount
- Maximum 43% DTI
- Minimum 700 credit score, and
- 12 months PITIA reserves
Cash-Out Updates
- The maximum DTI on cash-out transactions has been increased to 43% (previously 38%)
- Second Home and Investment Property Cash-Out: Cash-out transactions secured by a condominium require a minimum 720 credit score (new) and continues to be limited to 60% LTV/CLTV
Self-Employment Income Documentation
- Income documentation (P&L/balance sheet) must be from the most recent 90 days and cannot be more than 60 days old from the Note date (previously 30 days)
The Jumbo Program improvements may be applied to new submissions and loans currently in the pipeline. Transactions in the pipeline with a 90% LTV or a cash-out transaction with < 720 credit score (but meets the current applicable minimum credit score required) may close.
The Jumbo program guidelines have been updated and posted on the Homebridge website at www.HomebridgeWholesale.com
If you have any questions, please contact your Account Executive.
