Caliber Elite Access was designed to benefit buyers in high-cost markets
Residential mortgage originator Caliber Home Loans has launched Caliber Elite Access, a jumbo loan product that responds to rising property prices.
The offering allows borrowers to qualify for up to $3 million in loan funds with as little as 5% down and a 700 FICO score. The program includes a variety of loan terms and options, including both fixed- and adjustable-rate terms. Both 5/1 and 7/1 adjustable-rate mortgages (ARMs) are available. Caliber said that since mortgage insurance is never required, borrowers may save even more after closing.
With the launch of Elite Access, jumbo loan borrowers are now able to purchase or refinance immediately. Additionally, Caliber said that the product’s 95% loan-to-value (LTV) ratio provides potential homeowners affordability in markets where mainstream banks are unable to respond to the rapid increases in home prices.
"At Caliber Home Loans, we're always working to increase opportunities for homeownership,” Caliber CEO Sanjiv Das said. “We're truly excited about Elite Access, as it empowers consumers and investors in markets with rapidly rising home prices to participate in property ownership. Caliber offers a unique jumbo product that competes with bank jumbos that tend to be offered to private wealth management clients."
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