Homebridge is pleased to announce enhancements to the 203(k) Standard and Limited programs as detailed below.
- The minimum credit score has been lowered to 620 (previously 680)
- Rate/term refinance transactions are eligible (previously not allowed) with a maximum 75% LTV/CLTV
- 2-4 units are now eligible (previously limited to1-unit)
- Standard Program Only:
- The requirement that repairs are limited to $150,000 has been removed; repair costs are now eligible subject to the maximum mortgage amount, including repairs, not exceeding the FHA mortgage limit for the area where the property is located
- Clarifying that if the renovation includes an addition to the property, the addition cannot require a zoning change or variance
These changes are effective immediately and apply to new submissions and loans currently in the pipeline.
The 203(k) Standard and Limited guidelines have been updated as applicable and posted on the Homebridge Wholesale website at www.HomebridgeWholesale.com
If you have any questions, please contact your Account Executive.