Deephaven Introduces Jumbo-Prime Loans
Non-agency/non-QM Deephaven Mortgage announced a new jumbo-prime loan product, as it looks to help mortgage banks and brokers compete for high-net-worth borrowers.
Deephaven's jumbo-prime loan product features loans of up to $3 million with flexible terms such as LTVs of 80% or higher, according to the company. These loans can be used for primary residences, second homes, and investment properties.
The company says they are including highly flexible terms such as LTVs of 89.99% for loans up to $2 million and 80% for mortgages above that amount, with no PMI.
“Whether they want to snap up coveted rentals or a mansion outside the city, these high-value customers expect white-glove treatment without delays,” said Shelly Griffin, senior vice president, client development, Deephaven. “Our account representatives work collaboratively with mortgage bankers and brokers to make fast decisions, expedite paperwork, and manufacture products that meet these borrowers’ specific needs.”
Deephaven will provide these full-documentation loans to individuals with DTIs of up to 43% and credit scores down to 660.