New Penn Financial
has introduced SmartCondo, a product designed to offer expanded financing options for condominium properties that do not meet agency guidelines.
According to the Plymouth Meeting, Pa.-based company, SmartCondo permits up to two non-warrantable features, allowing for attributes such as a higher portion of commercial space, reduced pre-sale requirements, increased flexibility for single-entity ownership, HOA replacement reserves, and more. SmartCondo loans can be used on primary residences, second homes, and investment properties, and the product is available with flexible principal-and-interest or interest-only options for 30-year fixed mortgages or adjustable-rate mortgages.
“SmartCondo, like our other SMART Series products, reflects our commitment to providing a variety of unique and responsible financing solutions to meet specific consumer needs often overlooked in the marketplace,” said Keith Jones, Vice President of Credit Policy and Investor Relations at New Penn Financial. “The SmartCondo program gives borrowers an advantage in financing options for the purchase or refinance of their condominium under various scenarios.”