Guaranteed Rate, one of the nation’s largest retail mortgage lenders, is rolling out a new jumbo loan program that does not require mortgage insurance and requires as little as 10% down on multi-million dollar loans.
The program, called “GR Flex Power,” requires as little as 10% down from the borrower for loans up to $3 million with no private mortgage insurance.
The program includes various financing options such as fixed rates and adjustable-rate mortgages, and interest-only options are available with a 15% down payment.
“This program is proprietary to Guaranteed Rate, the pricing is controlled and is underwritten by the company,” Guaranteed Rate Executive Vice President, Secondary Markets Kasey Marty said. “Offering great rates, low down payments and a variety of financing options including interest only ARMs, the program is completely flexible to suit customers’ individual needs and preferences.”
The loans in the program are completely underwritten in-house by Guaranteed Rate. According to the company, up to 50% of total debt service to income is allowed on the loans in the program.
Additionally, the program also features “sensible asset reserve requirements,” as low as 6 months in certain circumstances.
The program also offers “flexible condominium warrantability up to $2 million with 20% down payment options available,” the company said.