HomeBridge is pleased to introduce the High Balance Anywhere option that is available on both our Fannie Mae and Freddie Mac programs.
High Balance Anywhere allows Homebridge to offer high balance/super conforming loan amounts nationwide including counties limited to conforming loan limits as determined by the Federal Housing Finance Agency (FHFA).
Highlights of High Balance Anywhere:
- Fannie Mae or Freddie Mac guidelines (as applicable) apply unless otherwise noted
- Minimum credit score 660
- Maximum 80% LTV/CLTV
- Maximum 43% DTI; no exceptions
- 1-4 unit primary residence and investment properties, and 1-unit second home available
- SFR, PUDs, Condos, and 2-4 units eligible. Condos must be Fannie Mae warrantable. Manufactured homes are ineligible.
- Minimum loan amount is $1 greater than the applicable conforming loan amount that applies to the county where the property is located. The applicable high balance/super conforming maximum loan amount applies (see page 2 for matrix)
- Non-traditional credit is not eligible. The borrower with the representative credit score must meet the following credit requirements:
- A minimum of 3 tradelines from traditional credit sources reporting for a minimum of 24 months
- At least 1 tradeline must be open and active for a minimum of 12 months
NOTE: Authorized user accounts are not eligible to meet tradeline requirements
- Derogatory credit is subject to the following seasoning requirements:
- Bankruptcy, Foreclosure, Deed-in-Lieu: Seven (7) year seasoning
- Short Sale, Pre-Foreclosure, Loan Modification: Four (4) year seasoning
- Reserves are required as follows:
- 1-unit primary residence: 6 months PITIA
- 2-4 unit primary residence, second home and investment: 12 months PITIA
- First time home buyer: 12 months PITIA
- Loan amount > $1,000,000: 12 months PITIA
- Additional financed properties: 6 months PITIA for each additional property
- Eligible in all states excluding Alaska and Hawaii since the minimum loan amount in these states is the maximum allowed on High Balance Anywhere. Texas cash-out is ineligible.
- First time home buyers, permanent and non-permanent resident aliens, inter vivos trusts, and non-occupant co-borrowers allowed. Non-occupant co-borrower’s income cannot be used for qualifying. All borrowers are required to have a valid social security number
- Full appraisal is required; appraisal waiver/ACE offers may not be accepted
- Fixed rate with 30 year term only
- All loans are run through DU or LPA as applicable. An “Approve/Ineligible” or “Accept/Ineligible” finding is acceptable as long as the only reason for the “ineligible” is the loan amount exceeding the conforming limit
- Maximum of four (4) financed properties, including the subject
- Credit report must be dated < 90 days from the Note date. The credit report provided at loan submission cannot be older than 60 days.
- HomeReady and Home Possible are not eligible to use this program
- Transcripts are required (W-2 or tax returns as applicable)
The High Balance Anywhere will be available Wednesday, June 19, 2019 for new submissions and loans currently in the pipeline. The Homebridge rate sheet will reflect pricing on June 19, 2019.
The Homebridge Fannie Mae and Freddie Mac guidelines and Conventional Submission form 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.