LoanCity, a wholesale mortgage lender based in San Jose, Calif., has expanded its alternative-A program, increasing loan limits to $3 million for first mortgages and to $600,000 for alt-A second mortgages.The new program includes "piggyback" loan combinations to $2 million with a single underwrite, the company said. Loan types include 15- and 30-year fixed-rate mortgages and a variety of adjustable-rate mortgages, all with interest-only options and 100% loan-to-value ratios. The program can be used for primary residences, second homes, and investment properties. "Our enhanced alt-A program addresses the market demand for larger loan sizes for both firsts and seconds and gives brokers the flexibility and the pricing they'll need to do business in a more competitive environment," said Rick Soukoulis, chief executive officer of LoanCity. "Best of all, our program is easy to use, and thanks to our advanced automated underwriting engine, delivers decisions and stipulations in conforming loan time frames." The company can be found online at http://www.loancity.com.
