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” property with > 75% LTV: Two full appraisals
    • Transferred appraisals are acceptable on transactions which require two appraisals; refer to the guidelines for complete requirements when utilizing a transferred appraisal
    • A Collateral Desktop Analysis (CDA) is required as follows:
      • Transactions requiring only one appraisal, or
      • Transactions requiring two appraisal and one is a transferred appraisal

    The cost for the CDA is $150.  Brokers are not required to submit a check for the cost

    • Maximum 50% DTI. Bank statement option only: 43.01% to 50% DTI requires residual income OR an additional 6 months reserves
    • Eligible in all states (New York owner-occupied primary residence transactions require the minimum loan amount be $1 more than the applicable conforming loan amount for the number of units in the county where the property is located)
    • Gift funds, from an immediate family member, eligible for all documentation options
    • Primary Residence: Borrower own funds not required
    • Second Home and Investment: Gift funds eligible if borrower contributes 5% own funds or the applicable LTV is reduced by 10%
    • Reserve requirements determined by loan amount
    • Borrowers with derogatory credit (foreclosure, BK) eligible with 4 year waiting period. Less than 4 year eligible subject to specific requirements (LTV reduction, DTI restriction, etc.); refer to guidelines for complete details
    • Mortgage/Rental History: 1×30 in previous 12 months applies to all mortgages and rental verifications and applies to all borrowers
    • Mortgage/Rental History First Time Homebuyers: A 3-year documented rental history required with 0x30 in the most recent 12 months OR borrowers without a rental history eligible with an additional 6 months reserves
    • No seasoning requirement on refinance transactions; cash-out requires one borrower be an original purchaser or a 6 month seasoning will apply
    • No limit on number of properties owned/financed however borrowers with > 15 financed properties (cumulative for all borrowers) are ineligible for second home/investment property
    • 5/1, 7/1 LIBOR ARM and 30 year fixed rate available
    • Interest-only available
    • AUS Findings not required
    • The Simple Access program is not available for non-delegated correspondents
    • The commitment fee buyout option is not eligible with Simple Access

    The HomeBridge rate sheet will reflect Simple Access pricing effective July 11, 2018.

    Simple Access loans will require a manual lock.  Brokers should complete the HomeBridge Manual Lock Request form located under “General Forms” on the Forms page on the HomeBridge website.  The completed Lock Request should be emailed to locks@HomeBridge.com

    The following have been posted on the HomeBridge website

    • Simple Access guidelines
    • Simple Access Submission Form
    • Simple Access Program Overview

    If you have any questions, please contact your Account Executive