Homebridge is making updates to the Simple Access that apply to specific counties and states as detailed below.
The following LTV and appraisal guidance applies to specific counties in the states listed below:
- California: San Francisco county, and
- New Jersey: Essex county, and
- New York: The New York City boroughs/counties of Bronx, Kings, New York, Queens, and Richmond
LTV Restrictions
- Rate/Term Transactions: Maximum 75% LTV
Reminder: Properties located in the state of New York and the state of New Jersey, both purchase and rate/term transactions, maximum 75% LTV/CLTV
- Cash-out Transactions: Maximum 70% LTV
NOTE: LTVs > 60% will require Homebridge management review and approval
Age of Appraisal
- The appraisal cannot be more than 60 days old at funding
- The age of appraisal may be extended an additional 60 days if a recertification of value is obtained and the recertification of value confirms the value has not declined
These updates apply to new submissions effective immediately
The Simple Access guidelines have been updated and posted on the Homebridge website at www.HomebridgeWholesale.com
If you have any questions, please contact your Account Executive
