HomeBridge is pleased to announce enhancements to the HELOC program as detailed below.
- Loan amounts up to $2,000,000 with 89.99% CLTV and minimum 730 FICO (previously max loan amount $1,500,000)
- Lower 680 FICO with maximum 85% CLTV and $1,250,000 loan amount (previously minimum FICO was 700)
- The front-end DTI ratio has been removed. Borrowers now qualify with 45% DTI back-end ratio only
- Self-employed borrowers with ≥ 25% ownership now allowed to use ordinary business income for qualifying
As a reminder, the HELOC program is offered in conjunction with a Fannie Mae or Freddie Mac first mortgage only; it is not a stand-alone HELOC.
The HELOC guidelines have been updated with this information and posted on the HomeBridge website at www.HomeBridgeWholesale.com
If you have any questions, please contact your Account Executive.