Caliber Home Loans Inc.
has introduced its newest portfolio loan product, Caliber Elite Access. Created by Caliber in response to rising property prices, Elite Access, a jumbo loan product, is a strong addition to Caliber's portfolio lending suite of loan solutions.
Elite Access borrowers may qualify for up to $3 million in loan funds with as little as five percent down and a 700 FICO score. New homeowners may save even more after closing, as mortgage insurance is never required. Elite Access offers a variety of loan terms and options, including both fixed- and adjustable-rate terms. Additionally, both 5/1 and 7/1 adjustable-rate mortgages (ARMs) are available.
Caliber made the decision to launch Elite Access to enable jumbo loan borrowers to purchase or refinance immediately. The 95 percent loan-to-value (LTV) ratio provides true affordability to more potential homeowners and flexibility for investors in markets where home prices are rising rapidly but mainstream banks are not able to respond in a timely manner.
"At Caliber Home Loans, we're always working to increase opportunities for homeownership,” said Caliber Chief Executive Officer Sanjiv Das. “We're truly excited about Elite Access, as it empowers consumers and investors in markets with rapidly rising home prices to participate in property ownership. Caliber offers a unique jumbo product that competes with bank jumbos that tend to be offered to private wealth management clients."