New Penn Financial is happy to announce our ability to now directly sell and service conventional co-op share loans.
The New Penn Financial Project Review Team can review and approve Co-op projects in accordance with agency eligibility requirements. In addition, the New Penn Financial Product Profile has been updated with expanded Co-op eligibility. Loans currently in the pipeline will remain in the existing program and be delivered to the current investor.
Conventional Co-op Offering Highlights:
- Primary Purchase/Rate-Term Refinance to 95% LTV
- Minimum FICO 620
- Second Home Purchase/Rate-Term Refinance to 90% LTV
- Cash-out to 80% LTV for Primary
- Eligible geographic locations:
- New York: 5 Boroughs (Bronx, Brooklyn, Manhattan, Queens and Staten Island), Nassau, Suffolk, Westchester and Rockland counties
- New Jersey: Bergen, Essex and Hudson Counties
Section 4.2 of the New Penn Financial Conventional product profile has been updated to provide better clarity around ineligible Condo Characteristics. In addition, New Penn has increased our maximum exposure within a project to 25% up from 10%.
Refer to the updated Conventional product profile posted to the Loan Programs page for all specific requirements. A new project submission checklist with Co-op requirements can be located in the Client Library under Forms.