Homebridge is pleased to announce the addition of Lender funded, Listing Agent funded, and Selling Agent funded temporary buydowns.
Lender funded, Listing Agent and Selling Agent funded temporary buydowns will now be available on Fannie Mae, Freddie Mac, FHA and VA programs. Listing Agent and Selling Agent funded temporary buydowns will now be available on the Simple Access program; Lender funded temporary buydowns will not be available on Simple Access transactions.
Homebridge is also announcing the addition of a Buydown Payment fee to both LE and CDs. Brokers are not required to add the Buydown Payment fee in P.A.T.H; the fee will auto-populate.
The Broker must now select a Subsidy Source in the Short Application page in P.A.T.H. to identify if the buydown is Seller, Lender, Listing Agent or Selling Agent funded.
Additionally, Homebridge is clarifying LE and CD guidance for temporary buydowns. In the Projected Payment Section of both the LE and CD the P&I will no longer reflect the reduced monthly payment based on the buydown features. In the Adjustable Interest Rate (AIR) Table Section of both the LE and CD the AIR table will no longer reflect rate change information based on the buydown features.
Seller Funded Temporary Buydowns
The LE will now reflect Buydown Payment in Section H and will be offset by a seller credit:
The CD will reflect the Buydown Payment fee in H as Paid By Seller:
Lender Funded Temporary Buydown
The LE will now reflect Buydown Payment in Section H and will be offset by a lender credit:
The CD will reflect the fee in H as Paid By Others
Listing or Selling Agent Funded Temporary Buydown
The LE will now reflect Buydown Payment in Section H and will be offset by a credit
The CD will reflect the fee in H as Paid by Others
The new options are available for new submissions and for pipeline transactions as of April 3, 2023.
The Fannie Mae, Freddie Mac, FHA, VA, and Simple Access guidelines have been updated and posted on the Homebridge website at www.HomebridgeWholesale.com
If you have any questions, please contact your Account Executive
