Expanded guidelines to reach more borrowers and provide better service.
Up to 97% LTV
Custom Terms Available
FICO from 620
Recoup up to 85% LTV on cash-out and delayed funding
High-balance fixed rates loans up to 90% LTV
High-balance ARMs available
Many companies limit their conventional loans to 95% LTV - not us. A 97% LTV is just one of the things that make New Penn Financial's conventional loans a better choice.
Eligible Terms: 10, 15, 20, 25, & 30 yr fixed and 5/1, 7/1, & 10/1 ARM for DU, LP, LPMI - DU, and LPMI - LP loan programs. Custom Loan Terms between 10 and 30 years are available on our standard fixed rate products.
Eligible Transactions: Purchase, Rate & Term (Limited Cash-Out) Refinance, Cash-Out Refinance (Delayed financing is permitted subject to agency requirements)
Eligible Properties and Occupancy:
Attached/Detached SFRs and PUDs
Low/Mid/High-Rise Condos and site Condos
2-4 Unit Properties
Modular Homes (these are not considered to be manufactured and are eligible under the guidelines for 1-unit properties)
Hobby Farms as defined in the full Product Profile
Chapter 7 Bankruptcy: 4 years from the discharge or dismissal date
Chapter 13 Bankruptcy: 2 years after the discharge date or 4 years from the dismissal date
Multiple Bankruptcies: 5 years from the most recent discharge or dismissal date
Foreclosure: A 7-year waiting period is required
Deed-in-Lieu/Pre-Foreclosure: A 4-year waiting period is required