Six to nine months ago, it looked as if the U.S. housing market was cooling.
Instead, prices are rising again. According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, June 2023 was the fifth consecutive month of rising home values.
As home prices continue to rise, buyers are adapting to a new reality. In most parts of the country, $1 million used to buy a mansion. These days, in many places – not just California and New York City but also Seattle, Denver, Miami, and Washington, D.C.—$1 million buys a modest home. As a result of this strong home price appreciation, volumes of jumbo loans have skyrocketed.
10 Most Expensive U.S. Metro Areas
In a growing number of metro areas, homes sell for amounts well above conforming loan limits. According to the National Association of Realtors, these were the 10 metro areas with the highest median sale price in the second quarter of 2023:
- San Jose-Sunnyvale-Santa Clara, Calif.: $1,800,000
- San Francisco-Oakland-Hayward, Calif.: $1,335,000
- Anaheim-Santa Ana-Irvine, Calif.: $1,250,000
- Honolulu, Hawaii: $1,060,700
- San Diego-Carlsbad, Calif.: $942,400
- Salinas, Calif.: $915,600
- Oxnard-Thousand Oaks-Ventura, Calif.: $904,900
- San Luis Obispo-Paso Robles, Calif.: $890,900
- Boulder, Colo.: $871,200
- Naples-Immokalee-Marco Island, Fla.: $850,000
LendSure Mortgage Corp. is embracing this new wave of high-value Jumbo mortgages. We’ve ramped up our Jumbo Loan Program to help a new wave of jumbo loan borrowers receive financing. With the addition of jumbo loan options to your toolkit, you will be increasing your ability to help even more borrowers with their unique needs.
LendSure Jumbo Loan Program
LendSure’s Jumbo Loan Program is designed for borrowers who fall under conforming guidelines based on loan size. When working with LendSure, borrowers will get to enjoy highly competitive rates, industry-leading funding times, and an easier, smoother underwrite.
- Up to 90% LTV for loan amounts as high as $1,000,000
- Up to 80% LTV for loan amounts as high as $1,500,000
- Up to 75% LTV for loan amounts as high as $2,000,000
- 30-Year Fixed or 10-Year Interest-Only with 40-Year Term options
- 12- and 24-Month Bank Statement programs with P&L statements NOT required
- As little as 48 months’ seasoning for foreclosure, short sale, or loan modification
- Up to $1,000,000 cash out – cash out may be used as reserves
Consider a borrower looking to buy a $3 million or $4 million home – but they’re self-employed. They can’t qualify for traditional jumbo loan programs because their tax returns don’t necessarily reflect their true monthly income.
For self-employed borrowers, reducing their taxable income by reporting hefty expenses is smart tax planning, but can cause traditional lenders to struggle with documenting enough income to qualify for the loan. LendSure’s bank statement program offers a solution to this conundrum.
We finance bank statement jumbo loans of up to $3 million, depending on the loan-to-value ratio and FICO score.
In addition, LendSure does not require borrowers to submit a profit and loss statement and we don’t require that the borrower be a 100% owner of the business.
LendSure’s variable expense factor is one thing that truly sets us apart. Our expense ratios are as low as 10%, depending on the self-employment questionnaire. This is a common-sense approach to determining the suitable expense factor, rather than applying one expense factor to all business types. For example, a consultant may have a much lower expense factor than a factory owner.
The LendSure Way
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers and ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.
Are you ready to grow your business? Conventional loan approval guidelines can be restrictive, but we want to offer our mortgage broker partners the education, tools, support, and guidance they need in order to say “yes” to more of their clients. This ensures happy borrowers and opportunities for bottom-line growth. What are you waiting for? Let’s get started!
Are you ready to benefit from a commonsense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line.