Sprout Mortgage [1] today added to its residential loan programs with the launch of Sprout’s Premier Jumbo mortgage for purchase or refinance of higher-end properties, with loan amounts up to $3 million.
“This program is engineered to provide borrowers with the jumbo loan amounts they need to purchase or refinance a premium home,“ said Michael Strauss, President. “With the addition of the new Premier Jumbo offering, Sprout is once again identifying, and responding to market demand while maintaining our credit and collateral standards to produce the highest quality loans.”
The new Sprout Premier Jumbo program features loan-to-value ratios up to 90%, minimum qualifying credit score of 660, up to 43% debt-to-income ratio, and loan amounts up to $3 million. And, borrowers are not required to obtain private mortgage insurance.
“In today’s challenging market, we are proud to offer Sprout’s nationwide network of highly skilled residential mortgage professionals this new Premier Jumbo mortgage solution for their clients buying or refinancing primary homes, second homes, and investment properties,” said Shea Pallante, Sprout’s Chief Production Officer.
The new Premier Jumbo and Sprout’s full line of loan programs are accessible through many widely used mortgage product and pricing engines. Full details are available to mortgage professionals through the Sprout Client Portal, while Sprout’s easy-to-use iQualifi app provides scenario eligibility and pricing.