United Wholesale Mortgage announced it is launching a new jumbo loan product which would allow borrowers to place 10% down with no mortgage insurance.

The jumbo loan would allow for homebuyers to take out a mortgage of up to $1.5 million on a 90% loan-to-value mortgage, UWM President and CEO Mat Ishbia announced during a weekly company sales meeting Wednesday.

The program is for borrowers with a FICO score of more than 720, and enables jumbo loan borrowers to lower their down payment or increase their buying power. Because UWM doesn’t require mortgage insurance with the product, it also helps lower the monthly payment.

The jumbo 90% LTV mortgage with no MI is available for primary homes with a 30-year fixed rate mortgage and borrowers who have a maximum debt-to-income ratio of 43%. Also, 18 months of principle, interest, taxes and insurance reserves are required.

The company also announced during a panel Wednesday it is looking to expand its national high value loan program, which allows brokers to originate mortgages higher than the national conforming loan limit of $453,100 without using a jumbo product if it is below $850,000.

One panelist even threw out the possibility of making this program available with no mortgage insurance.

During this same sales meeting, Ishbia also announced the company is putting an end to its 1% down mortgage program as of May 31, 2018, saying the company was losing money on the loans.

Most Popular Articles

FHA loan limits increasing for almost all of U.S. in 2020

Thanks to increases in home prices in 2019, the Federal Housing Administration loan limit will increase for nearly all of the country in 2020.

Dec 05, 2019 By

Latest Articles

HousingWire is growing. Come join us

2019 has been a year of tremendous audience and product growth for HousingWire and we couldn’t be prouder. But we’re not ready to rest on our laurels. Far from it. In fact, 2020 promises to be an even bigger year for HousingWire.

Dec 06, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please