Products That Expand Your Business
Our unique combination of financial stability and management experience creates an innovative environment that makes our partners at every level more competitive and successful. New Penn Financial now offers the next generation of Non-Agency mortgage products, in addition to agency programs, giving our partners the ability to serve more customers.
Agency and Government Product Matrices
Portfolio Product Matrix
Underwriting Guidelines
Core Product Highlights – Portfolio
- Eligible loan terms include fixed terms (10, 15, 20, 25 and 30) and adjustable rates (5/1, 7/1, 10/1/)
- Interest Only on 30 year fixed or 10/1 ARM (10 year I/O period)
- Up to $2 million loan amounts
- 85% LTV to $1 million on condos
- 80% LTV to $1 million on second homes
- No mortgage insurance
- Up to 48/58 DTI (vs 35/45 at most lenders)
- Self-employed okay
- Income sources include W2, self-employed and liquid assets
- Liquid assets may be used for income qualification. May be used for both self-employed and W2 borrowers.
- No seasoning requirements for Cash Out
- Jr. Liens can be paid off as Rate/Term with 6 months seasoning on the lien
- Close in the name of an LLC or Corporation
- No Prepayment Penalty
Investor Product Highlights – Portfolio
- Loans to $650k per property
- Fixed and adjustable rates
- 65% LTV Purchase and Refinance (Rate & Term and Cash-Out)
- 45% standard DTI; expandable to 50% with 18-months reserves
- Minimum FICO score down to 640
- Borrower may have up to 20 other properties financed
- Maximum exposure of $1.5M per borrower (up to 5 loans)
- Condos okay (enhanced condo approval)
- Financing on properties with non-structural deferred maintenance
- Seller concessions up to 6%
Foreign National Program Highlights – Portfolio
- Foreign Nationals Only (a non-U.S. Citizen with a valid passport and valid visa)
- Loan amounts: $100k – $650k
- Fixed rate terms (10, 15, 20, 25 & 30) and 30 I/O
- Adjustable rates (5/1, 7/1, 10/1) and 10 I/O
- Purchase and Refinance rate and term (not available for cash out)
- No pre-payment penalties
- Up to 65% loan-to-value financing on Purchase (Max 55% LTV on Refinances)
- Self-employed okay
- Eligible properties include single-family homes, condos and townhouses
- Occupancy includes owner occupied and second homes
- All loans must establish an ACH debit for mortgage payments from a U.S. bank
- No previous bankruptcies or foreclosures permitted
- Borrowers who are politically exposed are ineligible. All involved entities must be cleared through the OFAC SND list
