Homebridge is excited to announce the return of the Simple Access non-QM program
Simple Access will be available for new submissions on and after November 9, 2020
Brokers should carefully review this communication and the full guidelines for program updates. Highlights are detailed below:
- Maximum 85% LTV/CLTV 1-4 unit owner-occupied properties
- Connecticut, New Jersey, and New York transactions limited to maximum 75% LTV/CLTV
- Maximum 75% LTV/CLTV 1-unit second home and 1-4 unit investment properties
- Minimum credit score 620
- Maximum loan amount $2,000,000. As a reminder, New York owner-occupied transactions require the minimum loan amount to be $1 more than the conforming/high-cost loan amount for the number of units in the county where the proper is located
- Purchase, rate/term and cash-out available
- Cash-out transactions require 6 months seasoning
- Maximum cash-out is $500,000
- Maximum DTI subject to the following:
- Primary Residence Purchase and Rate/Term Refinance Transactions: Maximum 50%
- Primary Residence Cash-Out and Second Home/Investment Purchase, Rate/Term and Cash-out Transactions:
- ≤ 70% LTV: Maximum 50% DTI
- > 70% LTV: Maximum 43%
- All Transactions: DTI 43.01% to 50% requires residual income of $1500 per month
- Significant derogatory credit includes foreclosure/pre-foreclosure, deed-in-lieu, short sale, short payoff, 7,11,13 bankruptcy, and modification. All derogatory credit events must be completed prior to the application date
- Significant derogatory credit events require 4 year seasoning, measured from the event end date to the application date, except as noted below:
- All documentation options: A 2-4 year waiting period is eligible with an LTV restriction. The maximum LTV is the lesser of:
- 75% LTV, or
- The maximum allowed per the applicable program matrix
- Full Doc ONLY: A 0-2 year waiting period is eligible with an LTV restriction. The maximum LTV is the lesser of:
- 70% LTV, or
- The maximum allowed per the applicable program matrix
NOTE: The 2-4 year waiting period guidance applies to any derogatory credit event that is exactly 2-years removed
- Borrowers with any mortgage tradeline in a forbearance plan are subject to the following:
- No missed payments: There is no waiting period if all mortgage payments were made on time with no missed payments while in the forbearance plan. Evidence must be provided the forbearance plan has been withdrawn, closed, or cancelled prior to the loan application date
- Missed payments: If the borrower missed any payments on any mortgage while in a forbearance plan the following applies:
- 1-3 consecutive missed payments during forbearance:
- Borrower is eligible, and
- Documentation must be obtained confirming the forbearance plan has been withdrawn, closed, or cancelled, and
- A minimum of three (3) monthly payments have been made on time after completion of the forbearance and prior to the loan application date
- More than 3 consecutive missed payments during forbearance:
- Borrower is ineligible
- Borrowers with a non-mortgage account(s) in forbearance will be considered on a case-by-case basis subject to Homebridge management review and approval
- 5% borrower own funds required on all transactions except for below:
- Owner-occupied or second home purchase transactions utilizing a gift of equity do not require borrower own funds
- Gift funds eligible from an immediate family member after borrower own funds requirement met.
- Housing history requirements for all options are as follows (cumulative):
- 0x30 in previous 12 months
- 0x60 in previous 24 months
- 0x120 in previous 4 years
- Foreign nationals are ineligible
- First time home buyers eligible on all documentation options with the exception of the Investor Cash Flow (ICF) option; ineligible on ICF
- The credit report must be dated ≤ 90 days from the Note date
- As a reminder, a collateral desktop analysis (CDA) is required as follows (see guidelines for exception):
- Transactions where only one appraisal is required (loan amount ≤ $1,500,000), or
- Transactions where two appraisals are required and one of the appraisals is a transferred appraisal
- The cost of the CDA is $150 and it must be reflected on the Loan Estimate under Section B “Services You Cannot Shop For
- 1-3 consecutive missed payments during forbearance:
