Introducing the Jumbo Flex Program

HomeBridge is pleased to announce the expansion of our Jumbo product offerings to include Jumbo Flex effective May 20, 2016.

Jumbo Flex allows lower credit scores, higher LTVs and more flexibility with derogatory credit events than our standard Jumbo program.

Highlights of Jumbo Flex include:

  • Minimum 661 credit score
  • Maximum 90% LTV to $1,000,000 owner-occupied purchase and rate term transactions
  • Maximum $2,000,000 loan amount
  • Minimum loan amount is $1.00 more than the current conforming/high balance 2016 limits set by the FHFA
  • 1-4 unit owner-occupied, 1-unit second home, and 1-4 unit investment transactions eligible
  • Purchase, rate/term, and cash-out
  • Investment property cash-out eligible provided cash must be used for business purposes
  • Borrowers with bankruptcy/foreclosure eligible with 7 years seasoning (4 years with extenuating circumstances)
  • Borrowers with a previous loan modification eligible with 24 months seasoning
  • 1×30 in 12 months or 2×30 in 24 months housing history (no lates in most recent 3 months)
  • First time homebuyers eligible
  • Reserve requirements range from 3 to 18 months
  • Non-warrantable condominiums eligible (a pricing adjustment will apply)
  • Non-occupant co-borrowers allowed with blended ratios
  • Maximum DTI:
    • < 80% LTV: 43%
    • 80.01% – 90% LTV: 38%
  • Residual income is required based on number of household members
  • A Collateral Desktop Analysis will be required on all Jumbo Flex appraisals. The cost per CDA is $150. If the transaction type requires two appraisals (purchase transactions with > $2M loan amount or refinance transactions with >$1.5M loan amount) a CDA will be required for each appraisal (i.e. 2 appraisals require 2 CDAs, 1 per appraisal, so a check for $300 is required).

Brokers are required to submit a check, payable to HomeBridge, for $150 or $300, as applicable, to the attention of your Account Manager.  Mail checks to:

HomeBridge Wholesale
5 Park Plaza, 10th Floor
Irvine CA 92614
Attn: Account Manager Name

If the CDA value to appraisal value exceeds a 10% tolerance level or the CDA value is “Indeterminate