HomePlus Mortgage overview
HomePlus Mortgage is a mortgage broker that matches borrowers with the right home loan, with both physical branches and online options for mortgages.
The company, which is headquartered in San Diego and was founded in 1999, offers conventional 30-year and 15-year loans, adjustable-rate mortgages (ARMs) and government-insured loans like FHA, VA and USDA loans. In addition to San Diego, the company's brick-and-mortar branches are located in Carlsbad, Dana Point, Lake Forest and Mission Viejo, California, along with Phoenix, Arizona and Dallas, Texas.
Borrowers can secure a preapproval "within seconds," according to the broker's website, and the company also has access to loans that don't require a debt-to-income (DTI) ratio calculation or income verification.
- Adjustable-rate mortgage (ARM)
HomePlus Mortgage has loan options with or without closing costs, including zero-point, zero-origination fee mortgages, according to its website.
Minimum borrower requirements
HomePlus Mortgage follows Fannie Mae’s underwriting guidelines, which means borrowers need a minimum credit score of 620 and can put as little as 3 percent down.
Borrowers also can have a maximum debt-to-income ratio, or DTI, of 50 percent with a Fannie Mae HomeReady Mortgage. That means the sum of your monthly debts (including the new mortgage payment) cannot exceed 50 percent of your gross monthly income.
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