Fannie Mae recently released Fannie Mae HomeView™, a new homeownership education course that aligns with National Industry Standards for pre-purchase homeownership education, and can be used to fulfill the education requirement for most mortgage products. HomeView is an online course offered free of charge. Plaza’s program guidelines have been updated to reflect Fannie Mae HomeView homeowner education program as an eligible source of counseling.
Jumbo 1 Program Discontinuation
As we’ve said before, at Plaza Home Mortgage® we are always working to keep things simple for our clients. As such, we will be discontinuing our Jumbo 1 program, effective December 27, 2021. We’re confident that Plaza’s Jumbo AUS 1 and Jumbo AUS 2 will provide eligibility for virtually all scenarios previously offered on Jumbo 1, and there will be no reduction in program coverage or price competitiveness.
Available Now with Plaza – Can Close in 2021
FHFA has announced the 2022 conforming loan limits: $647,200 for baseline and $970,800 for high-cost areas. Plaza is accepting the increased loan limits, effective immediately. Talk to your Plaza Account Executive for more info!
We’ve just rolled out another great Jumbo AUS option! Now Plaza clients have even more possibilities to offer your Jumbo borrowers the best price and more choices for qualifying. Our Jumbo AUS programs utilize agency AUS findings for streamlined doc requirements, plus:
Plaza Home Mortgage® has been serving the Empire State for a long time, and we’ve learned a thing or two about the market in the process.
FHA Update: Student Loan Debt Policy
Plaza Home Mortgage®
is aligning with FHA student loan guidance as announced in the Mortgagee Letter 2021-13. The updated policy removes the current requirement that lenders calculate a borrower’s student loan monthly payment as 1% of the outstanding student loan balance for student loans that are not fully amortizing, or are not in repayment.
The new policy bases the monthly payment on the actual student loan payment, which is often lower, and helps home buyers with student debt meet minimum eligibility requirements for an FHA-insured mortgage.
This updated policy may be employed by lenders immediately but mandatory implementation is required for all case numbers assigned on or after August 16, 2021. Plaza will apply this policy immediately.
If you have questions on the updated FHA student loan debt policy please contact your Plaza Account Executive, or email us at email@example.com.
Price Loans Faster with Quick Pricer
Expand Your Borrowers’ Refi Options
Better Interest Rates and Principal Limit Factors
Effective for all Jumbo AUS locks taken on or after Wednesday, June 2, 2021, Plaza Home Mortgage® has improved the investment property LLPA between .750 – 1.000 and the adjustment for LTV > 80% has increased by .250.