National wholesale and correspondent lender Parkside Lending is now offering jumbo mortgages (fixed or adjustable-rate options) with loan-to-value (LTV) ratios as high as 95%, with or without mortgage insurance (MI).
Unlike other jumbo programs featuring high LTV with MI, Parkside Lending’s new Jumbo III offers both lender-paid and borrower-paid MI options, the company says in a release.
Borrower-paid MI allows the borrower to take advantage of less expensive mortgage insurance and does not stay on for the full life of the loan.
Parkside Lending provides four jumbo products (Jumbo I, Jumbo III, Expanded Jumbo and Premier Jumbo), with robust guidelines and aggressive pricing.
“As a wholesale lender that doesn’t have a retail channel, our No. 1 goal is to provide mortgage professionals with a suite of products for their borrowers’ varying circumstances,” says Clint Rosenthal, executive vice president of sales, Parkside Lending. “There are creditworthy borrowers that are underserved in the jumbo market; therefore, we continue to enhance our Jumbo offering to meet the range of needs in the marketplace.”