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Jumbo Series I Updates

In accordance with investor requirements, New Penn is updating sections of the Jumbo Series I product.

In accordance with investor requirements, New Penn is updating sections of the Jumbo Series I product.

The below referenced sections of the Jumbo Series I Product Profile have been updated. Refer to the updated product profile posted to the Loan Programs page for specific details.

3.2 Borrower Eligibility

Clarified requirements for debt to income ratios for Non-Occupying Co-Borrower situations

3.7 Non-Arm’s Length Transaction

Removed reference to exception basis for Non-Family Member transactions

4.1 Eligible Properties

Removed reference to leasehold which are ineligible as outlined in sections 4.9 and 4.10

4.3 PUD

Removed reference to leasehold

4.11 Appraisals

Updated section regarding CDA requirements. Added link to Property Valuation Waterfall

6.4 Qualifying Ratios

Removed reference to leasehold payments for qualifying ratios

8.1 Age of Documentation

Updated to reflect appraisal cannot be more than 90 days old from note date

8.5 Exception Process

Updated to reflect that exceptions are not permitted for Jumbo Series I

8.10 Mortgagee Clause

Updated address for mortgagee clause

8.13 Process to Add or Remove Borrowers

Removed reference to exceptions