New product is designed for high-net-worth individuals
Non-QM lender Deephaven Mortgage has launched a new jumbo prime loan product that aims to help mortgage bankers and brokers entice high-net-worth borrowers whose needs exceed the conforming loan limits.
Deephaven’s new jumbo product offers loans of up to $3 million for primary residences, second homes, and investment properties (such as two- to four-unit homes). According to its release, the terms of the loans include maximum LTVs of 89.99% for loans up to $2 million, and 80% for mortgages above that amount, with no PMI. In addition, these full-documentation loans require DTIs of up to 43% and credit scores down to 660.
“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 of client development at 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.”
Read more: Deephaven, Incenter partner to give non-QM brokers a “game-changing” tool
A few months ago, Deephaven partnered with Incenter Appraisal Management to release RemoteVal technology, a new technology that allows appraisers to remotely control the property contact’s smartphone camera and get accurate measurements of the property.
