Plaza Home Mortgage Debuts High Balance Access Loan Program
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Plaza Home Mortgage Debuts High Balance Access Loan Program

May 21, 2019
San Diego-based Plaza Home Mortgage has introduced a proprietary reverse jumbo mortgage program that will offer refinance loan amounts of up to $4 million
Plaza Home Mortgage Inc. is now offering its new High Balance Access loan program, designed for borrowers to qualify for high-cost area loan amounts from $484,351 to $726,525, regardless of where the property is located.
 
According to the San Diego-based company, the new program is offered through its wholesale, mini-correspondent and national correspondent channels. The program features include loan-to-value ratios up to 90 percent for purchase and 80 percent for refinance, with a minimum FICO score of 680 and a debt-to-income ratio up to 43 percent. The loans are 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, chief operating officer and chief financial officer at Plaza Home Mortgage. “This new finance option opens up a whole new market segment for originators to grow their business.”

 
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