CHARLOTTE, N.C.--(BUSINESS WIRE)--Non-QM lender Deephaven has launched a progressive portfolio of new products with highly favorable LTV (loan-to-value ratio) and FICO® combinations to give mortgage brokers a head start on the competitive spring homebuying season.
The Spring Slam products will empower them to qualify and serve more borrowers in the expanding Non-QM market. S&P Global expects Non-QM issuance volumes to grow to about $25 billion in 2021.
“The upcoming homebuying season promises to be one of the toughest on record because of tight inventories and price appreciation, and highly qualified purchasers who don’t meet government thresholds will be scrambling to participate. This expands opportunities for brokers to grow their Non-QM borrower base quickly,” said Jeff Burrus, Senior Vice President, Wholesale Sales & Operations, Deephaven Mortgage.
For example, Deephaven will back mortgages for borrowers based on these ratios:
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Expanded-Prime:
- 90% LTVs and FICO Scores to 660 for home purchases, as well as rate-and-term refinancing for primary homes
- 80% LTVs on a cash-out primary home down to a 680 FICO
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Non-Prime:
- 85% LTVs on a purchase or rate-and-term, down to a 700 FICO
- 80% LTVs on a purchase or rate-and-term, down to a 640 FICO
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DSCR (Debt Service Coverage Ratio):
- 80% LTV on a purchase or rate-and-term, down to a 700 FICO
- 70% LTV on a purchase or rate-and-term, down to a 660 FICO
In anticipation of the demand for these products and services, Deephaven is hiring for a wide range of wholesale mortgage positions. Potential applicants can learn more at deephavenmortgage.com/careers.
Information about the latest products, which have a ready secondary market of Deephaven investors, is available at brokerinfo@deephavenmortgage.com or deephavenmortgage.com.
About Deephaven
Deephaven is a full service, multi-channel, long-term credit provider in the Non-QM space, providing access to financing to millions of underserved clients throughout the U.S. Deephaven was founded in 2012 to help rebuild the non-government mortgage market. Please visit www.deephavenmortgage.com for additional information.
