Wholesale and correspondent lender, Plaza Home Mortgage has announced a new High Balance Access loan program that allows borrowers to qualify for high-cost area loan amounts from $484,351 to $726,525, at competitive rates, regardless of where the property is located.
Offered through Plaza’s Wholesale, Mini-Correspondent, and National Correspondent channels, the company said that its High Balance Access loan program is designed to bridge the gap between conventional conforming requirements and Jumbo loans, giving banks and brokers more options to offer customers to finance their home purchase or refinance.
The program’s features include:
- Loan-to-value ratios up to 90% for purchase and 80% for refinance
- Minimum FICO score of 680
- Debt-to-income ratio up to 43%
- DU Approve/Ineligible due only to loan amount
- Eligible for primary and second home residences
“Plaza’s new High Balance Access loan program lets originators qualify customers for affordable, non-Jumbo loans using loan limits that historically have only been available in GSE-designated high-cost areas,” said Michael Fontaine, COO and CFO at Plaza Home Mortgage. “This new finance option opens up a whole new market
segment for originators to grow their business.”
Founded in 2000, Plaza Home Mortgage, Inc. is a privately owned, full-service national correspondent and wholesale lender. Headquartered in San Diego, California, Plaza is dedicated to building quality, long-term relationships with its correspondent and mortgage broker clients by offering a wide variety of programs and an exceptional client experience.