TMS Funding, the wholesale residential lending channel of Total Mortgage Services LLC, has announced that it has launched a new flexible jumbo mortgage product into the wholesale marketplace. “This new jumbo mortgage product is further proof of TMS Funding’s commitment to the wholesale channel and the mortgage broker community,” said John Walsh, president of Total Mortgage Services LLC, the parent of TMS Funding. “This product offers mortgage brokers the opportunity to provide borrowers access to a competitively priced jumbo program that can help them purchase some of the excess housing inventory that is available at significantly reduced costs or refinance a higher-cost loan freeing up much needed household cash flow.”
Highlights of TMS Funding's new jumbo product include:
►5/1, 7/1 and 10/1 London Interbank Offered Rate (LIBOR) adjustable-rate mortgages (ARMs)
►Up to $2 million loan amount
►45 percent debt-to-income (DTI) ratio
►80 percent loan-to-value (LTV) to $1 million
►90 percent LTV to $625,000
►Second home to 80 percent LTV to $650,000 and 75 percent LTV to $1 million
“With the maximum temporary conforming loan limit of $729,750 scheduled to be reduced meaningfully through all the eligible high cost areas in the U.S. on Oct. 1, 2011, we believe this is a timely new product that offers a solution for borrowers in those areas as well as in many other locations throughout the country,” said John Walsh.
After Oct. 1, areas like Washington, D.C.; Salt Lake City, Utah; Sacramento, Calif.; San Diego, Calif.; New York City; Los Angeles and San Francisco will see a greater than $100,000 drop in access to confirming mortgages.
This jumbo product is currently eligible in all areas of Colorado; Connecticut; Washington, D.C.; Delaware; Florida; Georgia; Illinois; Massachusetts; Maryland; Maine; Michigan; North Carolina; New Hampshire; New Jersey; New York; Pennsylvania; Rhode Island; South Carolina; Tennessee; Texas; Virginia and Vermont.