HomeBridge is pleased to announce that effective July 11, 2018 we are offering the Simple Access program. Simple Access offers a Full Doc option and a Bank Statement option that will benefit self-employed borrowers.
Highlights of Simple Access are provided below.
- Two documentation options are available:
- Full Doc is available for wager earner/salaried and self-employed borrowers and self-employed borrowers with ≤ 25% ownership interest
- Bank Statement option is available for self-employed borrowers with > 25% ownership interest in a business and is available using 12 or 24 months personal or business bank statements. Statements from multiple accounts are acceptable. Self-employed generally requires a 2-year self-employment history however 1-2 years may be considered on a case-by-case basis subject to specific requirements
- Personal Bank Statements: Qualifying income is the total deposits divided by 12 or 24 months as applicable
- Business Bank Statements: There are four methods available for documenting the business bank statement income:
- Uniform Expense Ratio, or
- Profit and Loss Statement, or
- CPA Letter for Expense Ratio, or
- Deposits Less Withdrawals
Refer to the program guidelines for specific requirements for each method of documentation
- Minimum credit score 620
- 1-4 unit primary residence, 1-unit second home, and 1-4 unit investment properties eligible
- SFR, PUD, condos (both Fannie Mae warrantable and non-warrantable), site/detached condos, and mixed-use properties eligible. Refer to guides for non-warrantable condo eligibility
- First time homebuyers, permanent resident aliens, non-permanent resident aliens, non-occupant co-borrowers (non-occupant co-borrower blended ratios allowed), and properties held in the name of a trust or LLC allowed
- Maximum 80% LTV/CLTV
- Loan amounts to $3,000,000
- Cash-out up to $3,000,000 (cash-out > $2,000,000 requires a 10% LTV reduction). Cash-out proceeds eligible to satisfy reserve requirements
- Appraisal requirements are as follows:
-
- Loan Amount ≤ $1,500,000: One full appraisal
- Loan Amount > $1,500,000: Two full appraisals
- Subject property is a “For Sale by Owner
