New Penn Financial LLC has lowered pricing and expanded guidelines on its Jumbo Advantage mortgage program, a portfolio product that is available through brokers and mortgage bankers, and is also offered directly to consumers. The enhanced jumbo loan, which is exclusive to New Penn, enables more customers seeking to purchase high-end homes or refinance an existing jumbo mortgage to qualify for financing and realize significant benefits.
Creditworthy borrowers who do not conform to conventional guidelines can take advantage of today’s real estate market with this loan that features lower rates, a minimum FICO score requirement of 680 and a broader debt-to-income (DTI) ratio requirement. The loan opens the door for larger purchases and refinances, too.
The Jumbo Advantage mortgage enables homeowners to purchase or refinance:
►Up to 70 percent loan-to-value (LTV) for amounts up to $2 million on a primary residence
►Up to 75 percent LTV for amounts up to $1,500,000 on a primary residence
►Up to 85 percent LTV for amounts up to $1,000,000 on a primary residence
►Up to 75 percent LTV for condos
“Even with the scarcity of jumbo products today, we sweetened the deal for our customers,” said Bob Johnson, SVP of capital markets. “As always, our focus is on the total customer experience of innovative products backed by hands-on service and quick turn around times."