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.
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.
FHA and VA FICOs Go Even Lower + More FHA, VA and Jumbo AUS News
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.
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.
We are happy to announce to our clients that, effective immediately, Plaza Home Mortgage® is once again offering the VA Renovation loan program!
Funding on Your Schedule, Even After-hours and Weekends
Plaza is now offering our popular Reverse Jumbo program in New York and Nevada in addition to 16 other states. Reverse mortgages can be a great way to expand your business’s portfolio and tap into a rapidly growing market. And with Plaza’s dedicated Reverse Lending Division to help you every step of the way, you can be confident offering the program. Contact your Plaza Account Executive or visit our reverse mortgage page for more information.
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