HomeBridge is pleased to announce the following enhancements to the Agency Conforming and Agency High Balance programs. The enhancements are effective Monday, July 15, 2013 and are available for new submissions and loans currently in the pipeline.
10/1 ARM
A 10/1 ARM product is being added in addition to the 5/1 and 7/1 ARMs currently offered. The 10/1 ARM is qualified at the Note rate.
As a reminder the following applies to all HomeBridge ARMs:
- LIBOR Index
- Caps: 5/2/5
- Margin 2.25
L-1 Visa
HomeBridge will now accept L-1 unexpired visas (both L-1A and L-1B) as acceptable documentation of the borrower’s eligibility to live/work in the United States. As a reminder, HomeBridge requires all borrowers to have a social security number.
Reminder – Submission Summary Report Requirement
HomeBridge would also like to remind brokers of the following:
- A Fannie Mae Submission Summary Report (SSR) with a Document File Status indicating “Successful
