Coppell, Texas-headquartered Caliber Home Loans recently announced the launch of its latest Portfolio Loan product, Caliber Elite Access (Elite Access).
The product was created in response to rising property prices and is offered with some of the industry's most robust features. According to Caliber, Elite Access is truly unique and a strong addition to Caliber's Portfolio Lending suite of loan solutions.
Elite Access borrowers may qualify for up to $3 million in loan funds with as little as 5 percent down and a 700 FICO score. New homeowners may save even more after closing, as mortgage insurance is never required. Elite Access offers a variety of loan terms and options, including both fixed- and adjustable-rate terms. Additionally, both 5/1 and 7/1 adjustable-rate mortgages (ARMs) are available under this product line.
"At Caliber Home Loans, we're always working to increase opportunities for home ownership," said Sanjiv Das, CEO, Caliber Home Loans. "We're truly excited about Elite Access, as it empowers consumers and investors in markets with rapidly rising home prices to participate in property ownership. Caliber offers a unique jumbo product that competes with Bank jumbos that tend to be offered to private wealth management clients."
The company said that it launched Elite Access to enable Jumbo loan borrowers to purchase or refinance immediately. The 95 percent loan-to-value (LTV) ratio provides affordability to more potential homeowners and flexibility for investors in markets where home prices are rising rapidly but mainstream banks are not able to respond in a timely manner.
Caliber Home Loans is an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved servicer for FHA, VA, and the USDA. The company carries multiple servicer ratings from Standard & Poor's, Moody's, Fitch and DBRS.