Enhancements to the Simple Access Program

Homebridge is pleased to announce enhancements to the Simple Access program.  Highlights of the enhancements are detailed, by documentation option, below.  Additionally, updates and clarifications of existing guidelines have been provided.

Investor Cash Flow (ICF) Option

  • Removed reserve requirements for both the subject property and additional financed properties; reserves no longer required on ICF option (excluding loans with an LTV 80.01% to 85% which continues to require 12 months PITIA reserves OR loans with a borrower who is a Foreign National see below for requirement)
  • The requirements to allow the DSCR to be calculated using the interest-only payment have been enhanced and simplified as follows:
    • DSCR must be ≥ 1.00, and
    • Minimum 640 credit score, and
    • Maximum 75% LTV

Removed current requirements for the credit score being 20 points higher, LTV reduction, and additional reserves

  • DSCR of .800 to < 1.00 requirements have also been improved:
    • Reserves no longer required
    • Interest-only payment may now be used when calculating the DSCR
    • Clarified the maximum LTV is 70%; a 10% LTV reduction is still required

NOTE:  A minimum 720 credit score, 0x30 in 24 months housing, and, if leases utilized to qualify and they exceed the market rent, the lower actual market rent is used, continues to apply

  • First time home buyers living rent free will now be considered on a case-by-case basis with Homebridge management review and approval
  • Foreign Nationals, borrowers who do not work or reside in the U.S., are now eligible on the Investor Cash Flow option only:
    • Purchase, rate/term eligible; cash-out ineligible
    • 1-unit investment properties only; 2-4 units ineligible
    • Maximum LTV/CLTV 60%
    • Loan amounts up to $1,500,000
    • Reserves required as follows:
      • Loan amount ≤ $1,000,000: 12 months PITIA reserves required, OR
      • Loan amount > $1,000,000 to $1,500,000: 24 months PITIA, AND
      • Any additional reserves requirements that may be applicable; refer to the “Reserves