The new program includes loan amounts up to $3 million and LTVs of up to 90%
Verus Mortgage Capital (VMC), a correspondent investor offering residential non-QM and investor rental programs, has launched a new prime jumbo program that offers low rates for high-value homes where loan balances exceed agency limits.
The VMC Prime Jumbo Program’s features include:
- Loan amounts up to $3 million
- Credit scores as low as 700
- Cash out up to $500,000
- 90% LTV
- PMI not required
Primary, second homes and investment properties are all eligible for the program, VMC said.
“We’re demonstrating our commitment to the non-agency space by continually developing programs that can help lenders serve more borrowers,” said Dane Smith, president of VMC. “Our Prime Jumbo Program is further evidence of this, as we are now better positioned to assist lenders for borrowers who need larger loan balances.”
Founded in 2015, VMC is the nation’s largest issuer of securitizations backed by non-QM loans. The company purchases loans in all 50 states and the District of Columbia, focusing solely on the non-agency market.