Skip to main content

Plaza Home Mortgage Offers New Jumbo Preferred Program

Jun 02, 2022
plaza home mortgage logo

Program offers both fixed and adjustable-rate mortgages.

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.

About the author
David Krechevsky was an editor at NMP.
Published
Jun 02, 2022
More from
Non-QM
Change Lending Approved For Membership In Federal Home Loan Bank Of San Francisco

Change Lending, a CDFI, obtains membership approval from FHLB-SF after meeting all statutory requirements.

Mar 13, 2024
Verus Mortgage Capital Leads Non-Agency MBS Issuance In 2023

Specialist in Non-QM and investor rental programs emerges as dominant player.

Mar 12, 2024
Angel Oak Mortgage REIT, Inc. Weathered Financial Headwinds In 2023

Despite missing non-GAAP EPS forecasts, Angel Oak grows loan portfolio, enhances liquidity, and optimizes operations.

Mar 06, 2024
dv01 Analysis Reveals Shift In Non-QM Loan Modifications

Despite decrease in loan modifications, more borrowers opt for permanent payment reductions.

Mar 06, 2024
dv01 and Fitch Ratings Collaborate On Non-Agency RMBS Benchmarks

Strategic collaboration between dv01 and Fitch Ratings introduces benchmarks aiming to enhance transparency and redefine market analysis in Non-QM and Prime Jumbo markets.

Feb 21, 2024
LendSure Mortgage Corp. Unveils BOOST

A bridge loan program for brokers and homebuyers.

Feb 21, 2024