Minimum Credit Score
What Homebridge Offers
A Homebridge mortgage generally features competitive interest rates and their options for a mortgage with bad credit can be broadly classified into two groups – niche and mainstream. These options are available across all states (except Utah) in addition to having a great online application process. For most of the government-backed loans, they accept very low credit scores. Down payments start as low as 3.00%, however, you should be aware that they do charge origination fees for certain loan types.
Homebridge has a well-maintained and resourceful website. You can directly click on Find a Loan to start or connect with a consultant over the phone or in-person depending on your state of residence. You can apply for loans from anywhere in the US, the one exception being Utah. One of the best features is a detailed website that helps even a first-time buyer make an informed decision.
With over 25 years of experience, this institution has the most varied mortgage loans available. They are transparent about their process and list everything on their websites. Down payments start as low as 3.00% and the minimum accepted credit score for FHA streamline loans is 550. In certain cases, they accept scores as low as 550 for VA Loans and to access USDA financing, you will need a credit score of at least 600. Most of their loans allow borrowers to choose from 15 to 30 year repayment periods.
This type of loan isn’t insured or guaranteed by the Federal Government. It features competitive interest rates and a down payment rate of 5.00% or higher (normally closer to 20.00%).
This is insured by the Federal Housing Administration and has low-tier requirements in terms of credit score and household income. It also is accompanied by a low down payment (3.50% of purchase price), but you’ll need to pay for private mortgage insurance.
Chances are that you may even qualify for a VA Loan with a 0.00% down payment if you’re an eligible veteran, active-duty military personnel, reserves member, or an eligible spouse. They have an easy application process. However, you’ll need to provide a lot of supplemental documentation.
Jumbo & Super Jumbo Loans
These are high-balance loans that are for amounts above conventional loans. Jumbo loans fall between $453,100 and $650,000. Anything beyond that figure falls under the super jumbo loan category.
Homebridge needs a minimum credit score of 600 for USDA loans. This loan is mostly for homebuyers in rural areas and some applicable suburban regions. USDA loans also feature zero down payment and lower interest rates.
This mortgage type is reserved for individuals aged 62 and above. It allows homeowners to convert part of their home’s equity into cash and is intended to help elder folks with a fixed-income stay in their homes. It needs a lot of documents, so we recommend speaking with a loan officer.
Fixed and Adjustable Rate Mortgages
At Homebridge, you can also apply for both fixed and adjustable-rate mortgages (ARM). Your interest rate remains constant with a fixed-rate mortgage, but the interest charged varies based on the rate-adjustment capping and other loan terms if you opt for an adjustable-rate mortgage.
How Homebridge Works
One of the best aspects of Homebridge is the ease of applying for a mortgage with bad credit. You can either apply in-person, through their website or even by calling their toll-free number. If you choose to apply online, you will be routed to Homebridge’s Encompass Loan Center. Here, you will need to submit financial and personal information as required.
Another way is to fill in the Quick Rate Quote message-box. All you need to do is fill in the information about the property along with your income and liabilities. Once your message is processed, a loan officer will call you and help you move forward with your application.
Disclosure - Based on the initial validation of documents, applicants may be pre-approved for a loan. Irrespective of the loan, all of the processes require borrowers to review multiple disclosures. You can choose to receive them online, via post, or view them at a local Homebridge branch. The status of your application can be tracked on Homebridge’s portal as well.
Underwriting & Closing - After meeting all legal requirements, successful applications move to the underwriting phase. A designated underwriter will re-verify the documentation and lock in an interest rate, which is followed by closing. A loan officer will explain to you all the fees and cash required. If everything seems fine, you will be asked to pay an escrow amount, then sign the final documentation at a closing attorney’s office.
The time needed for approval varies based on your geographical location. In some cases, everything is up and ready within 30 days. In any case, you can always seek an update from the loan officer or track the status online.