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.
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
Faster Closings with FHA Express
Take advantage of the new FHA Express submission option from Plaza Home Mortgage® to accelerate closings on your qualifying core FHA loans. FHA Express is available for
W-2 and fixed income borrowers, for purchase, rate/term or cash-out refinances with Conforming or High Balance loan amounts. Qualifying loans receive expedited underwriting, are competitively priced and can often close in as little as 10 to 15 days.
And for your Fannie Mae® and Freddie Mac loans, don’t forget that we have the Agency Express option as well.
Be sure to visit our information page for more details or contact your Plaza Account Executive today.
Today’s housing market is dominated by existing home sales, with over 5.3 million existing homes sold in 2019 and at average age of 30 years old. Because of this, renovation lending is perhaps more important to your business than ever before. Plaza Home Mortgage® offers you the resources you need to make getting into this market easy and stress-free. Our dedicated renovation lending division is here to help you from start to finish, and reviews each loan to ensure they’re done right the first time.
Offer your borrowers the option of purchasing a home in need of repairs, or refinancing their existing home for remodeling by including the renovation costs in their mortgage.
Join us to learn all about Plaza’s FHA 203(k) Standard and Limited loan programs that are designed to do just that. We’ll show you the tools Plaza has available and walk you through all of the resources Plaza offers that simplify renovation lending.
Tuesday, August 18
On Monday, July 6, 2020, Plaza resumed lending on FHA 203(k) renovation loans! We will continue to monitor the market and will announce plans for resuming Fannie Mae® HomeStyle®, Freddie Mac CHOICERenovation® and VA Renovation options in the future.
Help your borrower get that perfect condo when it’s not in an FHA-approved complex. Now, with the Single-Unit Approval process, individual condominium units can be approved for FHA financing even when they aren’t in FHA-approved buildings or projects. It opens up more lending opportunities for you, and more selling opportunities for your agents. And Plaza is here to help you get it done!