HomeBridge is pleased to announce the following enhancements to the DU Refi Plus program:
Investment properties are now eligible on the DU Refi Plus program subject to the following:
- 1-4 units
- Maximum LTV is 125%
- ≤ 100% LTV minimum credit score 640
- 100.01% – 125% LTV requires a minimum credit score 680
- Unlimited CLTV
LTV to 150%
HomeBridge will now accept DU Refi Plus loans up to a maximum 150% LTV.
Loans with an LTV of 125.01% to 150% are subject to the following restrictions:
- Owner-occupied only
- Single family 1-unit properties only including condos and PUDs
- Maximum loan amount $417,000; High Balance ineligible
- Minimum 680 credit score
- 0x30 mortgage history in the previous 24 months
- PIW acceptable. Loans exercising the PIW option must be re-submitted to DU using the estimated value provided by DU (AVM / 2055 not allowed in lieu of re-submitting to DU with estimated value).
The above enhancements are effective for loans submitted on or after February 22, 2013. The enhancements may also be applied to eligible loans in the existing pipeline.
The DU Refi Plus program matrix has been updated and posted on HomeBridge’s website at www.homebridgewholesale.com.
If you have any questions, please contact your Account Executive.