On Dec. 27, Guaranteed Rate announced a new jumbo loan program that does not require mortgage insurance and accepts as little as a 10 percent down payment option for loans up to $3 million.
The program, GR Flex Power, includes various financing options, such as fixed rates and adjustable-rate mortgages, and interest-only options are available with a 15 percent down payment, according to a press release. The loans in the program are completely underwritten in house by Guaranteed Rate.
“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,” said Kasey Marty, executive vice president of secondary markets.
According to the company, additional features of the GR Flex Power program include:
- Up to 50 percent of total debt service to income is allowed;
- Sensible asset reserve requirements, as low as only six months; and
- Flexible condominium warrantability up to $2 million with 20 percent down payment options available.
“A 10 percent down requirement for a jumbo loan is an incredible offer for our customers and for me as a loan officer, enabling me to give my clients a variety of financing options,” said Shant Banosian, Guaranteed Rate’s top loan originator. “Combine that with a no mortgage insurance requirement and flexible financing, this product is a win for those seeking loans up to several million dollars.”