Improvements to Stonegate Mortgage Corp.’s non-agency product menu include higher loan-to-value ratios and enhanced jumbo programs.
The Indianapolis-based company issued a news release Tuesday outlining enhancements to its non-agency offerings of fixed- and adjustable-rate mortgage products.
In addition to its retail channel, Stonegate is offering the expanded products through its wholesale lending and correspondent channels.
The enhanced products include Expanded Fixed Rate and Select ARM.
The Expanded Fixed Rate program has loan amounts up to $5 million in selected areas.
In addition, LTV ratios of as much as 85 percent are available without mortgage insurance on loan amounts up to $2 million.
LTV ratios on cashout refinance transactions can go as high as 75 percent.
Stonegate will allow LTV ratios up to 75 percent on cashout transactions secured by investment properties. The loan amount can be as much as $1 million. Second homes can have LTV ratios of as much as 80 percent.
Stonegate is among a waive of lenders enhancing jumbo cashout offerings, based on the Mortgage Bankers Association’s Mortgage Credit Availability Index — which crept up 1.2 percent in November.
“Credit availability increased in November, largely due to the addition of jumbo loan programs that permit cash-out refinancing,” MBA Chief Economist Mike Fratantoni explained in the report released Tuesday
The Select ARM products can have LTV ratios up to 90 percent with no mortgage insured on conforming loan amounts and high-balance conforming amounts in specially designated areas.
Stonegate calls the programs “a significant expansion of the non-agency product suite.”
