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Plaza News + Updates

Plaza Home Mortgage

Plaza Home Mortgage

Recent Posts

USDA 1003 Update

Posted by Plaza Home Mortgage on May 27, 2021

Beginning June 1, 2021, USDA will require the redesigned Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003/Freddie Mac Form 65, effective date 1/2021) for all new loan submissions. All SFHGLP Loan requests utilizing the old URLA version must be submitted to Rural Development prior to June 1, 2021.

Loans in the pipeline that have already received Conditional Comment for SFR Guarantee Approval will not be affected. Loans in the pipeline not submitted for Conditional Comment for SFR Guarantee Approval, using the new 1003 will not be affected.

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Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates

Jumbo AUS – Plaza’s Next BIG Thing

Posted by Plaza Home Mortgage on May 11, 2021

Big things are happening at Plaza Home Mortgage® so sit back, relax and enjoy an easier way to do Jumbo loans with our new Jumbo AUS program. Documentation for traditional Jumbo loans and the requirements of Appendix Q can be daunting but by utilizing the resources provided by Plaza’s Jumbo AUS program, you’ll be able to streamline these larger loans more efficiently.

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Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates

VA Eligibility Expanded to National Guard Members

Posted by Plaza Home Mortgage on April 30, 2021

Aligning with the Department of Veterans Affairs (VA) recently announced expansion of eligibility, Plaza Home Mortgage® is now able to extend VA home loans to certain members of the Army National or Air National Guard. Eligible National Guard members must have performed at least 90 cumulative days of full-time National Guard duty, of which, at least 30 of those days must have been consecutive. This change applies to current and former National Guard members, regardless of service dates. Plaza’s VA guidelines have been adjusted to reflect the change.

View the VA Circular for more details on who is now eligible.

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Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates

VA Renovation – We’ve Got It!

Posted by Plaza Home Mortgage on April 9, 2021

We are happy to announce to our clients that, effective immediately, Plaza Home Mortgage® is once again offering the VA Renovation loan program!

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Topics: Wholesale News, Wholesale Program Updates, Mini-Correspondent News, Mini-Correspondent Program Updates

Introducing FlexClose – A Better Way to Fund

Posted by Plaza Home Mortgage on March 31, 2021

Funding on Your Schedule, Even After-hours and Weekends

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Topics: Wholesale News, Wholesale Program Updates, Mini-Correspondent News, Mini-Correspondent Program Updates

NEW Lower FICOs for FHA, USDA and VA

Posted by Plaza Home Mortgage on March 17, 2021

Plaza Home Mortgage® is making it easier to qualify more borrowers with reduced minimum FICO requirements for our FHA, VA and USDA programs! For these core loan programs, the new minimum FICO has been lowered to 600 for FHA and VA and 620 for USDA. We have also updated our popular FHA 203(k) program, which combines financing for the purchase or refinance of a home and its renovation into a single loan, to have a new reduced minimum FICO of 620.

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Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, FHA Loans, USDA Loans, Mini-Correspondent News, Government Loans, VA Loans, National Correspondent Program Updates, Mini-Correspondent Program Updates

Reintroducing Jumbo 1

Posted by Plaza Home Mortgage on February 22, 2021

More Power for Going Big

Offer up to $2.5 million to qualified borrowers with the Jumbo 1 loan program from Plaza. Now your borrowers who are looking to purchase or refinance a higher-value home can take advantage of this program that offers flexible eligibility requirements and competitive rates and pricing.

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Topics: Wholesale News, National Correspondent News, Mini-Correspondent News

DACA Recipients Now Eligible to Apply for FHA-backed Loans

Posted by Plaza Home Mortgage on February 9, 2021

DACA Recipients Now Eligible for FHA Loans

In alignment with FHA’s recent announcement, Plaza Home Mortgage has updated our FHA programs to allow individuals classified under the “Deferred Action for Childhood Arrivals” program (DACA) as eligible applicants.

Please contact your Plaza Account Executive to learn more details.

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Topics: Wholesale News, National Correspondent News, Mini-Correspondent News

Home Possible and USDA Program Updates

Posted by Plaza Home Mortgage on February 9, 2021

Home Possible
In alignment with the Freddie Mac Bulletin 2020-45, Plaza Home Mortgage® has updated the Home Possible® program guidelines, effective for all loans purchased on or after March 1, 2021. Specifically, this update reduces the maximum LTV from 95% to 85% for certain Home Possible Mortgages secured by 2-4-unit properties.

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Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates

Plaza Home Mortgage New Years Hours

Posted by Plaza Home Mortgage on December 29, 2020

In observance of the New Year’s Day holiday, your Plaza Home Mortgage® offices will be closed on the following days and times:

New Year’s Eve and New Year's Day Hours

  • Thursday, December 31, your Plaza branch office will close at 3:00 PM local time
  • The Lock Desk and Reverse offices will close at 3:00 PM PT, but online locks will still be available until 11:59PM PT.
  • Friday, January 1, all offices will be closed

We wish you and yours a safe and happy New Year.

Please contact your Plaza Account Executive if you have any questions.

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Topics: Wholesale News, National Correspondent News, Mini-Correspondent News