Here’s a friendly reminder that Plaza Home Mortgage® waives Fannie Mae® and Freddie Mac LLPAs on eligible First Time Homebuyer loans, Freddie Mac’s CHOICERenovation and eligible manufactured loans based on Area Median Income (AMI) creating more opportunities to help your borrowers. And BREEZE will automatically apply the waiver to the eligible loans.
Here’s how it works:
- There is a new field in both the Quick Pricer and Pricer screens for monthly income
- When you enter the monthly income into that field, BREEZE will evaluate the loan for AMI LLPA waiver eligibility
- If the monthly income field is left blank it will not affect loan eligibility, and can remain blank for loans not attempting to obtain the waiver
- Once the loan is submitted, the income figure will be verified by the underwriter and the system will update the waiver if needed
We’re here to help in any way we can! Reach out to your Account Executive to help walk you through the process or send over a loan scenario if you think this may be a good option for your borrowers.