Parkside Lending Offering Jumbo Mortgages To 95% LTV, No MI


Parkside Lending, a national wholesale and correspondent lender, is now offering 95% loan-to-value (LTV) mortgages without mortgage insurance on its expanded jumbo program.

The new program is designed to help creditworthy borrowers with a down payment or equity as low as 5% fit into a traditional jumbo loan, the company says in a release.

Specifically, Parkside will go to 95% LTV/combined loan-to-value (CLTV) on loan amounts of up to $1 million without mortgage insurance on a single-unit, owner-occupied home – whether it's a purchase loan or a refinance.

To qualify, borrowers need a minimum FICO score of 740, 24 months reserves (borrower's own funds) and a 35% maximum debt-to-income ratio.

Parkside Lending also offers jumbo loans on non-owner occupied transactions and will go to 65% LTV/CLTV, one to four units.

What's more, the company says there is no price hit for occupancy on LTVs up to 60%.

‘We believe our new jumbo loan offering is an important financing alternative for a specific segment of creditworthy borrowers,’ says James Lamparter, executive vice president of sales at Parkside Lending, in the release. ‘We continue to grow our jumbo product line as we identify different needs in the marketplace.’

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