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Jumbo Series D Updates

In accordance with investor changes, New Penn has updated the Jumbo Series D product with all locks and registrations as of today, June 6, 2017.

In accordance with investor changes, New Penn has updated the Jumbo Series D product with all locks and registrations as of today, June 6, 2017.

Refer to the updated product profile posted to the Loan Programs page for specific details.

Eligibility Matrix

Updated maximum loan amount for 95% LTV to $636,150

3.5 Power of Attorney

Added cash-out transactions and transactions where both borrowers utilize a POA as ineligible

4.1 Eligible Properties

Removed mixed-use as eligible property type

4.9 Ineligible Properties

Added mixed-use as ineligible

4.10 Appraisals

Added requirement for Clear Capital CDA on all transactions with maximum value tolerance of 10%.

5.3 Self-Employed Borrowers

Updated to require that joint borrowers who are self-employed are required at a minimum to provide the first page of their tax return even if income is not being used for qualifying.

6.2 Housing Payment History

Updated to indicate borrowers living rent free are permissible provided they are not a first time homebuyer and they have a prior mortgage or rental history.

7.6 Cash-Reserves

Updated to clarify that borrowers who own additional properties free and clear must have reserves equivalent to 6 months of taxes, insurance and HOA dues for each property.

7.7 Gifts

Updated to reflect borrower(s) must have 5% own funds into the transaction regardless of LTV.