Homebridge Financial Services Mortgage Review 2020

By Jennifer Bradley Franklin

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3.9

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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Homebridge Financial Services is one of the largest privately held, non-bank lenders in the U.S. The company has more than 2,000 associates, more than 200 retail branches and two wholesale divisions, Homebridge Wholesale and REMN Wholesale. While the organization offers a variety of home mortgage and refinancing options, it has carved out a reputation for servicing renovation mortgages. The U.S. Department of Housing and Urban Development (HUD) recognized Homebridge Financial Services as the No. 1 lender in 203(k) renovation loans in 2019. Founded in 1989 as REMN, Homebridge Financial Services maintains its corporate headquarters in Iselin, New Jersey.  At the close of 2019, 30 years since its founding, the company had funded more than $17.3 billion in home loans.

Nationwide availability

Available in all U.S. states except Utah

Minimum credit score

620 for FHA loans; 640 for conventional loans

Loan types

Conventional, fixed, adjustable (ARM), jumbo, super-jumbo, reverse, USDA, FHA, VA; refinancing options include cash-out refinancing and no-cash out refinancing; home equity lines of credit (HELOCs)

Pros

  • Available in all U.S. states except Utah
  • Regional branches regularly produce their own educational events, ideal for first-time homebuyers
  • Known for offering home renovation loans including Fannie Mae’s HomeStyle Renovation, construction-to-permanent and FHA 203(k)

Cons

  • Doesn’t publish minimum credit scores or minimum borrower requirements online; potential customers must connect with a mortgage lending associate to get this information
  • Borrowers must connect with a loan originator to apply

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Homebridge Financial Services overview

Loan types

  • Conventional
  • Fixed
  • Adjustable (ARM)
  • Jumbo and super-jumbo
  • Reverse
  • USDA
  • FHA
  • VA
  • Refinancing including cash-out refinancing and no-cash out refinancing
  • Home equity lines of credit (HELOCs)

Lender fees

With Homebridge Financial Services, loan fees total $1,225. However, the lender doesn’t charge loan origination fees.

Minimum borrower requirements

Homebridge Financial Services offers a variety of loans, each of which has unique minimum borrower requirements. None of the requirements are detailed online, so the only way to confirm them is by connecting with a mortgage loan originator directly.

FHA loans through Homebridge Financial Services require a 3.5 percent minimum down payment, with a maximum debt-to-income ratio (DTI) of 56 percent. On conventional loans, the borrower must have at least a 3 percent down payment (depending on income) and a maximum DTI of 50 percent.

The company is committed to educating borrowers on the various loans available. Regional branches regularly offer educational events, including some geared toward first-time homebuyers. Eligible borrowers may participate in the Homebridge Home Rewards program to receive a $595 gift card upon closing.

Get started with Homebridge Financial Services

Borrowers can apply online or by phone.

Hours

Monday - Friday: 8:30 a.m. - 8:30 p.m. EST Saturday - Sunday: Closed  Contact: 888-266-4930

Homebridge Financial Services consumer rating and reviews

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