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CONVENTIONAL

Expanded guidelines to reach more borrowers and provide better service.

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.

Guideline Basics:

  • 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
  • Derogatory Credit:
    • 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
    • Modified Mortgages: For guidance, visit https://www.fanniemae.com/content/guide/selling/b2/1.4/02.html#Modified.20Mortgages
    • Short Sale:
      • FNMA - A 4 year waiting period is required
      • FHLMC - 48 months seasoning is required. If within the last 7 years, restrictions apply.

View the Full Product Profile for more information.

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