HomeBridge 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 requirements among lenders and also allows for low loan amount minimums.

Home Bridge Financial Services

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 product, including homes loans for new construction and renovations.

Mortgage Application Requirements

HomeBridge has one of the lowest credit score minimums out there, which is just a 550 FICO score for government-backed loans. 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 go 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 all the way up to $2 million. Many lenders require a minimum of at least $100,000 so if you’re looking at less expensive property either for yourself or as an investment, HomeBridge can help with the financing.

Types of Home Loans Available

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 good credit to qualify. The major pers is that you get some of the most competitive interest rates, although you’ll need at least a 5% down payment.

FHA Loans

Insured by the Federal Housing Administration, this loan allows HomeBridge borrowers to take advantage of more flexible requirements when it comes to credit 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 is experienced 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 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 is capable of financing.

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 offers a number of 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
    • Fees and Rates

      Some loans from HomeBridge require an origination fee. Just as with any lender, pay careful attention to all fees that are 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 rates on the HomeBridge website.

      HomeBridge’s Mortgage Process

      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 that’s needed to underwrite your loan.

      All mortgage applications require you to review a set of different disclosures. With HomeBridge, 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 definitely reach out to a HomeBridge loan officer to get an idea of what you can expect.

      Special Features

      HomeBridge 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 each and 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

      Bottom Line

      HomeBridge may not have the fastest closing times depending on where you live, or the most direct online application process. But it does have 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 huge 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.