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Plaza Home Mortgage Inc., a wholesale and correspondent mortgage lender, has added a Jumbo Preferred Program that features both fixed and adjustable rate mortgages (ARMs), competitive rates, and loan amounts up to $3 million, the company said.
Plaza’s program can be used for primary, second home, and investment properties, as well as for single-family, 2-4 unit and condominiums. Borrowers can have debt-to-income ratios (DTIs) up to 43% and FICO scores to 700 (fixed) and 720 (ARM). The program is available through Plaza’s wholesale channel.
A jumbo mortgage is a loan for a property too expensive to qualify for conventional lending. As determined by the Federal Housing Finance Agency (FHFA), the conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac for one-unit properties is $647,200. For areas in which 115% of the local median home value exceeds the baseline conforming limit, the ceiling loan limit for one-unit properties is $970,800.
“Our clients are looking for new solutions to help their borrowers purchase and refinance in this rapidly rising rate environment,” said Jeff Leinan, president, wholesale division at Plaza Home Mortgage. “Our Jumbo Preferred program offers attractive rates and ARM options to help borrowers qualify.”
Founded in 2000, Plaza Home Mortgage is a privately owned, full-service national correspondent and wholesale lender headquartered in San Diego.