HomeBridge is pleased to announce an interest-only option is now available in conjunction with the 5/1 ARM on Expanded Plus.
The interest-only period is for the first 5 years of the loan; beginning in year 6, payments will be applied to principal and interest. The borrower is qualified at the greater of the start rate or fully indexed rate amortized over 30 years.
The interest-only option is available for new submissions and loans currently in the pipeline.
The Expanded Plus 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.