New Penn Financial is pleased to announce the launch of our new High Balance Extra product.
The High Balance Extra product is designed for borrowers with a strong credit profile who can benefit from many of the documentation flexibilities of a DU scored loan where the loan amount exceeds the maximum conforming loan limit, inclusive of high balance limits. The High Balance Extra program provides more flexible financing solutions than a typical non-agency loan.
Product Highlights (refer to the product profile for complete details)
• New Penn Financial proprietary product
• Minimum loan amount $1.00 above conforming or high balance limit up to $750,000
• DU Approve/Ineligible required. Ineligible finding may only be due to loan amount
• Purchase, rate term and cash out refinance for primary and second homes
• Up to 90% LTV with no MI required
• 680 minimum FICO
• Up to 45% DTI allowed
Eligible Properties Types
1-unit properties only
- Attached/Detached SFRs & PUDs
- Low/Mid/High-Rise Condos & Site Condos
- Modular Homes
Full Uniform Residential Appraisal Report from a New Penn approved AMC and Collateral Desktop Analysis (CDA) with accompanying MLS sheets form Clear Capital required
At this time, New Penn Financial cannot finance loans secured by properties located in Alaska or Hawaii.