HomeBridge is pleased to announce that effective March 5, 2018 we will be offering the Elite Plus program. Self-employed borrowers will benefit from the flexibility offered by Elite Plus.
The Elite Plus is a derivative of the Expanded Plus program with higher LTVs and lower credit score requirements but with less documentation options. The guidelines for Elite Plus generally mirror the Expanded Plus program guidelines with minor exceptions.
Highlights of the unique features of Elite Plus are provided below:
- The Elite Plus program has two documentation options:
- Full Doc is available for wage earner/salaried and self-employed borrowers.
- Alt-Doc 24 is available for self-employed borrowers with > 25% or more ownership interest in a business. Borrower is qualified using 24 months personal or business bank statements
- Alt-Doc 24 Bank Statement option:
- 90% LTV with 720 credit score
- 85% LTV with 660 credit score
- 80% LTV with 620 credit score
- Interest-only maximum of 80% LTV
- Loan amounts up to $2,500,000
- Minimum loan amount $100,000
- 1-2 units owner-occupied and 1-unit second home (investment ineligible)
- Maximum cash-out $1,000,000:
- Cash-out ≤ $250,000 no LTV reduction required
- Cash-out $250,001 to $500,000: 5% LTV reduction required
- Cash-out $500,001 to $1,000,000: 10% LTV reduction required
- Loan amounts ≤ $1,500,000 one appraisal required; > $1,500,000 two appraisals required
- Eligible in all states except Alaska, Massachusetts, New York, and West Virginia
- Fixed rate with a 30 year term; interest-only feature is available with 10 year interest-only term
- 5/1 & 7/1 LIBOR ARM and 5/1 & 7/1 LIBOR ARM Interest-only product. The 5/1 ARM interest-only term is 5 years and the 7/1 ARM interest-only term is 7 years.
- The Elite Plus program is not available for non-delegated correspondents
- The commitment fee buyout option is not eligible on the Elite Plus program.
The Elite Plus guidelines and Submission form have been posted on the HomeBridge website. Additionally, the Expanded Plus Program Comparison has been updated to include Elite Plus and has also been posted on the HomeBridge website at www.HomeBridgeWholesale.com
Elite Plus loans will require a manual lock. Brokers should complete the HomeBridge Manual Lock Request Form, located under “Forms