Pru Targets Hispanics for 103% LTV Loan

Prudential CA/NV/TX Realty, Pleasanton, Calif., has announced the introduction of a 103% loan-to-value loan product that targets Hispanic homebuyers in Northern California.The loan was developed by The Home Loan Group, a joint venture with Chase Home Finance. Prudential said the features of the loan product include interest-only payments for an initial five-, seven-, or 10-year period and financing of 100% of the purchase price plus another three percentage points to cover closing costs. "The 103% LTV loan was designed to help Hispanic homebuyers, one of the youngest segments of California's population, move beyond their perceived hurdle of an 80% conventional loan," said Tom Borrelli, senior vice president at Chase Home Finance. "This is especially important in the expensive Northern California market."