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.”