Parkside Lending has introduced jumbo mortgages for properties with loan-to-value ratios as high as 95% and without mortgage insurance.
The San Francisco company announced the new loan program on Monday. The loans will be available on properties carrying prices of up to $1 million.
The new jumbo loan program is targeted to creditworthy borrowers who want to limit their down payment to 5% of the purchase price.
The offering "is an important financing alternative for a specific segment of creditworthy borrowers," James Lamparter, Parkside's executive vice president of sales, said in a news release.
The minimum loan amount on the new program is $417,000 and is available to borrowers with a credit score of at least 740. The applicant must also 24 months of funds in reserve and a debt-to-income ratio of no greater than 35%.