HomeLight

Basic information

QM program

• Conventional

Loss payee

Homelight Home Loans, Inc. ISAOA/ATIMA 1375 N Scottsdale Rd, Suite 110 Scottsdale, AZ 85257

CPL or subordinate clause

N/A

Lock policies & fees

Lock policies

Lock extension

N/A

Relock

N/A

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Buy Before You Sell products, with a bridge loan attached or stand alone.

- Buy Before You Sell (BBYS) allows clients to purchase their next home before selling their current one by providing a short-term bridge loan and a guaranteed backup offer. The bridge funds can be used for down payment, closing costs, to pay off debt, moving costs, listing prep, etc. The guaranteed backup offer allows borrowers to make offers without a home-sale contingency and exclude their old mortgage payment when qualifying for the new purchase. 

- DTI Drop is for clients who don’t need to borrow funds with a bridge loan but still need to remove their home-sale contingency or improve their debt-to-income ratio to qualify for a new mortgage. DTI Drop is a lower-cost option since there is no bridge loan involved.

Lender's overlays

N/A

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

1

Initial CD (days)

0

Reviews