Lunch & Learn: The State of Housing

As housing supply dwindles, affordability concerns grow while competition heats up the market. This Lunch & Learn will examine the current state of housing, featuring experts who have an eye on the market.

HousingWire Annual Virtual Summit

Join us on October 25 for a chance to see a handpicked selection of sessions from HousingWire Annual along with technology demos from the most innovative tech companies! Register now for FREE to experience HW Annual just like you were there.

How credit scores impact lenders’ pipelines in a purchase market

When a lender works with a borrower to improve their credit score, they are able to offer the most competitive rate and terms. Learn more here!

Volly’s Grant Moon on challenges facing veterans

In this episode of HousingNews, we are joined by Grant Moon who discusses the difficulties veterans face during the home-buying process and misconceptions about VA loans.

Mortgage

Sprout Mortgage rolls out new jumbo mortgage program for loans up to $3 million

Lender continues to move back into non-QM space

In the latest sign that the market for loans outside the Qualified Mortgage box is thawing, Sprout Mortgage announced Wednesday that it is rolling out a new jumbo mortgage program.

Sprout was among a number of companies that froze their non-QM lending activities as the coronavirus was first starting to crush the U.S. economy.

At the end of March, Sprout paused its lending activities. But the company began lending again in early May.

And now, the company is launching a new jumbo mortgage program for purchases and refinances. The program, which Sprout calls Premier Jumbo is available for loans up to $3 million.

According to Sprout, the program features loan-to-value ratios up to 90%. The program also features a minimum qualifying credit score of 660, up to 43% debt-to-income ratio, and borrowers are not required to obtain private mortgage insurance.   

Shea Pallante, Sprout’s chief production officer, said the program is available for borrowers buying or refinancing primary homes, second homes, and investment properties.

Sprout’s roll out of the jumbo loan program comes at a time when jumbo mortgages have become harder to get. According to a recent report from the Mortgage Bankers Association, jumbo mortgage credit availability fell by 22.6% in April.

But with Sprout and other lenders moving back into the jumbo space, that decline could soon begin to reverse.

“This program is engineered to provide borrowers with the jumbo loan amounts they need to purchase or refinance a premium home,” Sprout President Michael Strauss said. “With the addition of the new Premier Jumbo offering, Sprout is once again identifying, and responding to market demand while maintaining our credit and collateral standards to produce the highest quality loans.”

Leave a comment

Most Popular Articles

Fannie Mae: Mortgage rates and home prices will rise in ’22

Economists at Fannie Mae expect higher mortgage rates and home prices next year due to higher inflation, a tightening of monetary policy, and low home inventory

Oct 15, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please