New Penn Financial LLC, a nationwide lender, has expanded its non-agency loan program with broader guidelines for investment properties. The enhanced investment property loan program provides greater flexibility for seasoned real estate investors and enables more investors to enter the marketplace and finance their projects. New Penn's investment property program offers the following parameters:
►Up to 65 percent loan-to-value (LTV) for purchases and cash out refinance;
►Up to 50 percent debt-to-income (DTI) with additional reserves;
►The ability to have up to 20 other properties financed;
►The option to close in the name of an LLC; and
►A six percent seller assist.
In addition, qualified borrowers can purchase properties with a deferred maintenance and repairs feature, which is perfect for investors who buy foreclosed properties in need of repairs.
With loan amounts of up to $650,000 per property, borrowers can take advantage of today’s real estate market and purchase a wide variety of properties. Investors, even if self-employed, can qualify with a minimum FICO score down to 640.
“The market is missing tremendous opportunities today” said Bob Wexler, vice president of New Penn Financial LLC's Services Division. “Our platform provides a niche to our wholesale and correspondent customers that exceed Agency guidelines in almost every way. The expanded guidelines for non owner occupied properties will allow us to capture many investment quality loans that are currently excluded from the market.”