United Wholesale Mortgage announced it is launching a new jumbo loan product which would allow borrowers to place 10% down with no mortgage insurance.

The jumbo loan would allow for homebuyers to take out a mortgage of up to $1.5 million on a 90% loan-to-value mortgage, UWM President and CEO Mat Ishbia announced.

The program is for borrowers with a FICO score of more than 720, and enables jumbo loan borrowers to lower their down payment or increase their buying power. Because UWM doesn’t require mortgage insurance with the product, it also helps lower the monthly payment.

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