Jumbo Program Updates

HomeBridge has updated the Jumbo program as detailed below.  The updates apply to loans submitted to HomeBridge on or after December 7, 2015.

Appraisal Requirement for Refinance Transactions

A second appraisal is required on a refinance transaction when the loan amount is > $1,500,000 (previously a second appraisal was required when the loan amount was > $1,000,000)

Property Flips

Property flip topic was updated to clarify that the additional requirements for properties purchased by the seller within 90 days of the purchase contract do not apply if the property seller is a bank that received the subject property as a result of a foreclosure action or deed-in-lieu.

Credit Reports Subject to Credit Freeze

If a credit bureau is reporting a credit report as “frozen