New Penn Financial is pleased to announce that the NPF Jumbo Series H product is now available for Wholesale originations.
The Jumbo Series H product is a continuation of the efforts to expand our offering of Non-Agency products and increase our competitive position.
The new Jumbo Series H offers a full suite of Fixed and ARM Jumbo.
- Fixed Rate terms: 10, 15, 20 & 30
- ARMs: 5/1, 7/1 & 10/1
- $1,500,000 maximum loan amount
- 700 minimum FICO for fixed rate and 720 for ARMs
- Ratios requirements:
- 36%/43% for primary residence fixed-rate purchase or rate/term refinance
- 36%/40% for all other eligible transactions
- Purchase and rate and term refinance permitted for Primary and Second Homes
- Cash-out refinance permitted for Primary residence
- Attached/Detached SFRs and PUDs, Low/Mid/High-Rise Condos and Site Condos (Warrantable)
- Business use of funds and delayed financing not permitted.
- The Jumbo Series H Products have unique eligibility matrix grids. When reviewing the matrix, be sure to check the loan amount, FICO, LTV and Market Class restrictions.
- The market classification must be established to determine the maximum financing permitted
- Refer to the Market Class restrictions document on GoNewPenn.com
- Appraisal must be ordered through Clear Capital: https://www.clearcapital.com/new-penn-financial/
- Brokers will need to request a user name and password by filling out a short form on the landing page before they can start ordering appraisals from the website.
- Clear Capital will send a welcome email to the broker that includes a link to set up their password.
- All New Penn brokers will be set up under the New Penn Wholesale account for credit card payments only.
- The brokers will only have access to view their own appraisal orders.
- Verbal Verification of Employment must be completed. A copy of the VVOE is available on GoNewPenn.com
- Loans must be submitted to investor for property and appraisal approval prior to closing