HomeBridge Financial Services, Inc. is a privately owned, nonbank mortgage lending firm that offers mortgages to all types of borrowers, but it is particularly well suited for low credit borrowers. It has one of the lowest minimum credit score requirements among lenders and allows for low loan amount minimums.
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While the mortgage application isn’t completely online at this point, it’s still an easy process with support from your HomeBridge mortgage loan originator. Plus, this lender has a huge selection of mortgage products, including homes loans for new construction and renovations.
A Closer Look at HomeBridge Financial Services
HomeBridge Financial Services, Inc. is a leader in the mortgage lending market as a privately owned, nonbank firm. It’s known for its accommodating approach to mortgage lending, especially for those with lower credit scores. The firm’s low minimum credit score requirements make it a go-to lender for individuals working on credit improvement.
Streamlined Mortgage Process
Despite not having a fully online application process, HomeBridge offers a streamlined approach with support from experienced mortgage loan originators. This personal assistance ensures a smooth process for various mortgage products, including home purchases, renovations, and new construction.
Nationwide Availability and Flexibility
HomeBridge’s services are accessible nationwide, with physical branches in 30 states, offering both online convenience and in-person support. The company’s flexibility is also evident in its financing options, with loan amounts ranging from $50,000 to $2 million. This makes HomeBridge a versatile choice for a wide range of financial needs.
HomeBridge Financial Services Mortgage Application Requirements
As mentioned, HomeBridge Financial Services has one of the lowest credit score minimums out there, which is just a 550 FICO score for government-backed mortgages. Most lenders require at least a 580 and sometimes a 620 for many of these loans.
If you’re committed to getting a mortgage but are still in the process of repairing your credit, then HomeBridge could be a great option. Just know that you’re unlikely to get the lowest interest rate available and may even need to make a higher down payment depending on the program.
For all prospective HomeBridge borrowers, it doesn’t matter where you live because these loans are available in all 50 states. Plus, there are branches in 30 states, so you can talk to someone in person if you prefer.
Another HomeBridge benefit is that you can get a mortgage for as low as $50,000 or as much as $2 million. Many lenders require a minimum of at least $100,000, so if you’re looking at a less expensive property, either for yourself or as an investment, HomeBridge can help with the financing.
HomeBridge’s Comprehensive Loan Selection
HomeBridge’s loan offerings are quite substantial. Many of these mortgages also include the option to choose either a fixed rate or an adjustable rate, depending on your needs.
Conventional Loans
With options for both conforming and non-conforming conventional loans, you typically need a good credit score to qualify. The major benefit is that you get some of the most competitive interest rates, although you’ll need at least a 3% down payment. However, if the down payment is less than 20%, you may be required to pay private mortgage insurance (PMI), and this goes for home equity loans as well.
FHA Loans
Insured by the Federal Housing Administration, this loan allows HomeBridge borrowers to take advantage of more flexible requirements regarding credit score and household income. You don’t need much cash for a down payment (typically starting at 3.5% of your purchase price), but you will have to pay private mortgage insurance.
VA Loans
You could potentially qualify for a $0 down payment with a VA loan, as long as you’re an active-duty military member, an eligible veteran, a reserves member, or an eligible spouse.
Because HomeBridge Financial Services has experience with the VA loan application process, they can easily help everything go quickly and smoothly since you’ll need some supplemental documentation demonstrating your eligibility.
Jumbo and Super Jumbo Loans
If you need a high-balance loan, HomeBridge Financial Services offers both jumbo and super-jumbo loans. These can help you finance a mortgage that’s over the conventional loan limit. In most areas, that amount is $453,100, but if you live in a high-cost area, it could be $679,650. Typically, any home loan over $650,000 is considered a super jumbo loan, which HomeBridge can finance.
USDA Loans
Looking for a 0% down payment option? Consider a USDA loan, which is an easy way to finance eligible properties in rural and sometimes suburban areas. You’ll need to meet some income requirements depending on where you live, so talk to your HomeBridge loan officer to see if you qualify.
Interest Only Loans
Some borrowers may benefit from an interest-only loan, which lets you pay only interest, no principal, for the first five to seven years of your mortgage. After that, you can make a lump-sum payment, start making principal payments, or refinance the entire loan.
Renovation Loans
HomeBridge Financial Services offers several home renovation loans, including:
- FHA 203k: specialized renovation loans to finance mortgage and renovation through a single loan
- FHA 203h: used by victims of a presidentially-declared major disaster area to rebuild or purchase new home
- Fannie Mae HomeStyle Renovation loan: allows for a broad range of improvements or repairs to be made in addition to home purchase
- HomeBridge HomeFixer: an exclusive escrow program to avoid a delayed closing because of minor outstanding repairs that need to be made
- Construction-to-perm loans: use this to finance the lot, construction, and mortgage of a new construction home
Reverse Mortgages
HomeBridge’s reverse mortgages are reserved for those 62 years of age or older. This mortgage loan program allows homeowners to convert part of their home’s equity into cash without having to sell their home or pay additional monthly bills. It is intended to help those on a fixed-income stay in their home.
Borrowers must live in the home as their primary residence to qualify. They must also pay property taxes, homeowner’s insurance, and HOA Association dues, if applicable. Borrowers must also maintain the home according to FHA requirements; otherwise, the loan becomes due and payable.
HomeBridge’s Mortgage Fees and Rates
Some HomeBridge mortgage loans require an origination fee. Just as with any lender, pay careful attention to all lender fees listed in your estimate once you submit your application.
You can get a free rate quote online to get more details on what you could specifically qualify for, but unfortunately, you can’t just browse mortgage rates on the HomeBridge website.
How to Apply for a Mortgage with HomeBridge
You can start the mortgage application in one of three ways: online, on the phone, or in person at a HomeBridge branch. If you choose to apply through HomeBridge’s website, you’ll be redirected to the Encompass Loan Center.
You can complete your application through the website, which involves submitting both personal and financial information needed to underwrite your loan.
All mortgage applications require you to review a set of disclosures. With HomeBridge Financial Services, you get to choose whether you want to receive those online, in the mail, or at your local branch. Additionally, this online portal lets you track the current status of your application and even communicate directly with your loan officer.
Closing time varies depending on where you live. Some states can get in as fast as 30 days, while others may need as long as 60. If time is of the essence, you should reach out to a HomeBridge loan officer to get an idea of what you can expect.
Unique Advantages of Choosing HomeBridge Financial Services
HomeBridge Financial Services, Inc. partners with Costco to offer additional savings to its warehouse members. As a Costco member, you can save on origination fees. Executive members will pay no more than $350, while gold-star and business members will pay no more than $650 for origination fees in the closing costs.
At the close of every HomeBridge mortgage, they send out a customer feedback survey. What’s unique about this program is that they actually take your experiences into consideration to put a plan in place to prevent any issues from happening again.
HomeBridge Mortgage Reviews
Many customers praise HomeBridge Mortgage for its knowledgeable and responsive loan officers who guide them through the application process with ease. Borrowers appreciate the transparency and personalized assistance, which help them secure loans tailored to their financial situations.
Additionally, HomeBridge Mortgage has garnered positive reviews for its competitive rates and wide range of loan products, allowing clients to choose from various options like FHA, VA, USDA, and conventional loans.
On the flip side, some customers report experiencing delays in loan processing and closing, which can be frustrating when dealing with time-sensitive real estate transactions. Others have cited communication challenges, with occasional unresponsiveness or inconsistent information from different representatives.
While the majority of HomeBridge Mortgage reviews lean towards the positive end, it’s essential to keep in mind that individual experiences may vary. Factors such as location, loan type, and the borrower’s financial profile can significantly influence the quality of service received.
HomeBridge Financial Services currently has a Better Business Bureau (BBB) rating of B+, which indicates good customer service. They also have very few complaints. You can find more HomeBridge Financial Services reviews at other review sites as well.
Bottom Line
HomeBridge Financial Services may not have the fastest closing times depending on where you live or the most direct online application process. But it does have a helpful customer service team and some of the most lenient lending criteria, particularly if you’re looking for a mortgage with bad credit.
On top of that, HomeBridge lets you access a vast array of home loan options, including renovation and new construction loans. With the amount of variety available, it’s definitely worth checking out HomeBridge for your mortgage needs.