Introduction of Simple Access

HomeBridge is pleased to announce that effective July 11, 2018 we are offering the Simple Access program.  Simple Access offers a Full Doc option and a Bank Statement option that will benefit self-employed borrowers.

Highlights of Simple Access are provided below.

  • Two documentation options are available:
    • Full Doc is available for wager earner/salaried and self-employed borrowers and self-employed borrowers with ≤ 25% ownership interest
    • Bank Statement option is available for self-employed borrowers with > 25% ownership interest in a business and is available using 12 or 24 months personal or business bank statements. Statements from multiple accounts are acceptable.  Self-employed generally requires a 2-year self-employment history however 1-2 years may be considered on a case-by-case basis subject to specific requirements
      • Personal Bank Statements: Qualifying income is the total deposits divided by 12 or 24 months as applicable
      • Business Bank Statements: There are four methods available for documenting the business bank statement income:
        • Uniform Expense Ratio, or
        • Profit and Loss Statement, or
        • CPA Letter for Expense Ratio, or
        • Deposits Less Withdrawals

    Refer to the program guidelines for specific requirements for each method of documentation

    • Minimum credit score 620
    • 1-4 unit primary residence, 1-unit second home, and 1-4 unit investment properties eligible
    • SFR, PUD, condos (both Fannie Mae warrantable and non-warrantable), site/detached condos, and mixed-use properties eligible. Refer to guides for non-warrantable condo eligibility
    • First time homebuyers, permanent resident aliens, non-permanent resident aliens, non-occupant co-borrowers (non-occupant co-borrower blended ratios allowed), and properties held in the name of a trust or LLC allowed
    • Maximum 80% LTV/CLTV
    • Loan amounts to $3,000,000
    • Cash-out up to $3,000,000 (cash-out > $2,000,000 requires a 10% LTV reduction).  Cash-out proceeds eligible to satisfy reserve requirements
    • Appraisal requirements are as follows:
      • Loan Amount ≤ $1,500,000: One full appraisal
      • Loan Amount > $1,500,000: Two full appraisals
      • Subject property is a “For Sale by Owner