As property values continue appreciating, Caliber Home Loans added a jumbo loan product to its portfolio lending suite to support borrower needs in a climate of higher home prices.
Through Caliber's Elite Access, homebuyers may qualify for up to $3 million in mortgage funds with a down payment as low as 5% and a 700 FICO score, according to the company.
Elite Access allows homebuyers to choose between fixed- and adjustable-rate terms, with both 5/1 and 7/1 adjustable-rate mortgages available. Mortgage insurance is not required, which could help save borrowers money.
With a 95% loan-to-value ratio, Caliber released Elite Access to offer jumbo borrowers the opportunity to purchase or refinance a home more immediately in housing markets with fast-growing home values but where mainstream banks are unable to respond in a timely manner, according to the company.
"At Caliber Home Loans, we're always working to increase opportunities for homeownership. 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 CEO Sanjiv Das said in a press release.
"Caliber offers a unique jumbo product that competes with bank jumbos that tend to be offered to private wealth management clients," he added.
At the start of the year, the Irving, Texas-based lender and servicer launched its eighth overall securitization of non-qualified jumbo mortgages with a $401.2 million transaction dubbed COLT 2018-1 Mortgage Loan Trust. This move accelerated Caliber's calendar schedule of 2017 deals by nearly three months.