Guaranteed Rate Launches “GR Flex Power” for Jumbo Loans Up to $3 Million

Guaranteed Rate, one of the largest retail mortgage lenders in the nation, today announced a new jumbo loan program, “GR Flex Power,” which requires as little as a 10 percent down payment option for loans up to $3 million with no private mortgage insurance required. The program includes various financing options such as fixed rates and ARMs, and interest-only options are available with a 15 percent down payment.

“This program is proprietary to Guaranteed Rate, the pricing is controlled and is underwritten by the company,” says Executive Vice President, Secondary Markets Kasey Marty. “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.”

Additional features of the GR Flex Power program include:

  • In-house underwriting decisions for all loans
  • Loans up to $3 million with 10% down payment options available
  • Up to 50% of total debt service to income is allowed
  • Sensible asset reserve requirements, as low as only six months
  • Flexible condominium warrantability up to $2M with 20% 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,” says Guaranteed Rate’s top loan originator Shant Banosian. “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.”

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