New Penn Financial’s new proprietary jumbo product offering: Dream Big!
Jumbo Advantage is being retired effective February 14th to make way for the launch of New Penn Financial’s new proprietary jumbo product offering: Dream Big! This new product has been designed to offer bigger loan amounts, higher LTVs and the ability for borrowers to access more of the equity in their home by allowing larger cash-out amounts. In addition, Dream Big has expanded requirements including a new minimum FICO of 680, flexible underwriting guidelines and competitive pricing.
20, 25 & 30 Year Fixed
Highlights (refer to the product profile for complete details):
- Competitive pricing
- Expanded Eligibility:
- Owner-occupied to 90% LTV (previously 85%) and Second Homes to 85% LTV (previously 80%) with no PMI requirement
- 680 minimum FICO (previously 700)
- $750,000 maximum cash-out allowed (previously $400,000)
- Non-occupant co-borrowers allowed
- Higher Loan Amounts:
- Owner Occupied allowed to $3M (previously $2.5M) for purchase, rate & term refinance and cash-out refinance
- Second Homes allowed to $2.5M (previously $2M) for purchase, rate & term refinance and $2M for cash-out refinance (NEW)
- Investment Property allowed to $1M for purchase, rate & term refinance and cash-out refinance (NEW)
- Flexible Underwriting Guidelines:
- Borrowers with previous derogatory credit events may be eligible
- 100% gift funds allowed for LTV
Eligible Properties Types:
- Attached/Detached SFRs & PUDs
- Low/Mid/High-Rise Condos and Site Condos (Warrantable and Non-Warrantable)
- 2-4 Unit Properties
- Loan Amounts < $1.0M require one (1) full Uniform Residential Appraisal Report
- Loan Amounts > $1.0M require two (2) full Uniform Residential Appraisals Reports
At this time, New Penn Financial cannot finance loans secured by properties located in Alaska or Hawaii.
Refer to the Dream Big Product Profile for detailed requirements and program parameters.