SANTA ANA, Calif.--(BUSINESS WIRE)--Stearns Lending, LLC, a leading provider of residential mortgage lending services in Wholesale, Retail, Strategic Alliances and Consumer Direct sectors, introduces an new mortgage product to help borrowers secure financing for homes worth more than $1 million. Whether a homebuyer is upgrading to a larger home or lives in an area with high property costs, the new Gold Select 90 mortgage allows qualified first-time homebuyers to borrow up to $1 million (larger amounts available in California and New Jersey) and qualified experienced buyers to borrow up to $1.5 million dollars.
This 30-year fixed rate financing option, available to Retail and Strategic Alliance customers, is a variation of what is commonly called a Jumbo loan and must be used for the borrower’s primary residence. In addition to higher borrowing limits, homebuyers are not required to purchase Private Mortgage Insurance (PMI), which translates to lower payments. (PMI protects the lender; borrowers are still expected to carry property insurance.)
Although many conventional mortgages call for a 20% down payment, this Jumbo loan only requires 10%, which expands the opportunity for people who can afford a larger monthly payment but don’t have large cash reserves. In addition to other program guidelines, eligible borrowers must have a minimum credit score of 740 (for first-time buyers) or 720 (for experienced buyers).
For more than 28 years, Stearns has been helping employees, borrowers and business partners to reach their goals by successfully exceeding expectations and leading the industry with innovation and efficiency. To learn more about Stearns, go to stearns.com and joinstearns.com
About Stearns Lending, LLC
Stearns Lending, LLC is a leading provider of mortgage lending services in Wholesale, Retail, Strategic Alliances and Consumer Direct sectors throughout the United States where licenses are held. Stearns is consistently listed as a top Mortgage Originator by Inside Mortgage Finance.*
Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender, and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Company NMLS# 1854.
For more information, visit www.stearns.com.