In response to market demand, Sprout Mortgage has added a jumbo loan to its residential loan programs.
On Wednesday, the lender launched its premier jumbo mortgage for purchase or refinance of higher-end properties. Mortgage professionals can access the loan product via the Sprout client portal and through several mortgage product and pricing engines.
"This program is engineered to provide borrowers with the jumbo loan amounts they need to purchase or refinance a premium home," Sprout Mortgage President Michael Strauss said. "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 jumbo program has loan-to-value ratios of up to 90%, minimum qualifying credit scores of 660, up to 43% debt-to-income ratio, and loan amounts of up to $3 million. Additionally, the loan does not require borrowers to get a 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 Sprout Chief Production Officer Shea Pallante.