Homebridge is pleased to announce the addition of a 40 year loan term with an interest-only feature to the Simple Access program.
40 Year Loan Term with Interest-Only Eligibility (Fixed Rate and ARM Transactions)
- Eligible on Full Doc, Bank Statement, Asset Qualifier, and 1099 Only options
NOTE: The 40 year IO not available on the Investor Cash Flow option or to foreign national borrowers utilizing the Asset Qualifier option; maximum loan term is 30 years
- Fixed Rate Loans: Qualify using the full PITIA payment amortized over 30 years
- ARM Loans: Qualify using the greater of the start rate OR the index plus margin amortized over 30 years
- Transactions utilizing the 40 year IO feature are limited to a maximum 80% LTV/CLTV
- The 40 year loan term must utilize the interest-only feature; a stand-alone 40 year loan term (without the interest-only feature) is not offered
- The interest-only period is for the first 10 years of the loan; PITIA payments begin in year 11
The Simple Access guidelines have been updated and posted on the Homebridge website at www.HomebridgeWholesale.com
New 40 year term IO ARM disclosures have been posted on the Forms page of our website under “Simple Access Specific”. It is important to utilize the correct loan term (disclosures are posted for both 30 and 40 year loan terms)
The Homebridge rate sheet will reflect pricing for the 40 year IO option for fixed and ARM loans, effective September 10, 2021
If you have any questions, please contact your Account Executive.
