Brokers can now access up to $3 million in financing
Dart Bank Wholesale Lending has rolled out a new jumbo loan product offering financing up to $3 million.
The jumbo loan product expands Dart Bank’s offerings in the wholesale market, which the lender entered in July under the leadership of several former Homepoint executives. It is designed to meet the financing needs of brokers working with clients purchasing or refinancing high-value properties, particularly in a market where many lenders limit Jumbo loans to $2.5 million.
“With our Jumbo loan offering up to $3 million, Dart Bank Wholesale Lending provides mortgage brokers a valuable new option in the market—where many lenders stop at $2.5 million,” said Phil Miller, president of Dart Bank Wholesale Lending. “The luxury home market continues to see strong demand and increased home prices. The Dart Jumbo loan enables wholesale loan originators to stand out in the luxury real estate market by providing larger loan amounts, flexible terms, and simplified underwriting.”
The new loan option supports loans for primary residences, second homes, and investment properties, with a maximum loan-to-value (LTV) ratio of 80%. Borrowers must have a minimum FICO score of 700, and the program accommodates self-employed applicants.
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Cash-out refinancing is available for amounts up to $2 million for primary and second homes and $1.5 million for investment properties. Debt-to-income (DTI) ratios are capped at 49.99% for primary residences up to $2 million.
Headquartered in Mason, Michigan, the bank operates across 21 states with 13 offices, $1.2 billion in assets, and more than 300 employees.
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