[1]Parkside Lending, LLC, [2]recently announced it will now go to 95 percent LTV without mortgage insurance on its expanded Jumbo program.
The company designed the new Jumbo offering to help creditworthy borrowers with a down payment or equity as low as 5 percent fit into a traditional Jumbo loan.
Specifically, Parkside will go to 95 percent LTV/CLTV on loan amounts up to $1,000,000 without mortgage insurance on a 1 unit, Owner Occupied Purchase or Rate and Term Refinance:
- An alternative to High Balance loans (minimum loan amount: $417,001)
- 740 minimum credit score
- 24 months reserves (borrower’s own funds)
- 35 percent maximum DTI
- Minimum down payment of 5 percent (borrower’s own funds)
Parkside Lending also offers Jumbo loans on Non-Owner Occupied transactions, and will go to 65 percent LTV/CLTV, 1-4 units. In addition, there is no price hit for occupancy on LTVs up to 60 percent.
“We believe our new Jumbo loan offering is an important financing alternative for a specific segment of creditworthy borrowers,” said James Lamparter, EVP of Sales, Parkside Lending. “We continue to grow our Jumbo product line as we identify different needs in the marketplace. Delivering the right loans to the right people with a caring approach is what Parkside Lending is all about.”