SmartFunds Launch

New Penn is pleased to announce the launch of SmartFunds, a new non-QM product that permits the use of assets to support the borrower’s ability to repay for qualification purposes.

Employment and income docs are not required for this program.

Product Highlights

  • P&I and IO Terms for 30-year fixed, 5/1, 7/1 & 10/1 ARMs
  • Purchase, Rate/Term and Cash Out Refinance permitted
  • Loan amounts up to $3,000,000 for primary residence and $2,000,000 for second homes
  • Minimum 680 FICO
  • Maximum 90% LTV with no MI required
  • No DTI requirement


  • Assets must be seasoned for at least 12 months
  • Minimum of $500K in verified, eligible assets required
  • Assets must be sufficient to cover the loan amount, all monthly debt obligations covering a period of no less than 60 months and the reserve requirements
  • Eligible assets include
    • Checking, Savings, Money Market accounts
    • Stocks and Bonds (publicly traded)
    • Mutual Funds
    • Retirement accounts (Not eligible if regular distributions have already been set up)
  • Residual income requirements must be met
  • The Smart Series Calculator has been updated to include a new SmartFunds Asset Qualification Calculator to ensure the borrower is qualified for the program

Refer to the SmartFunds product profile on our Product Profiles page for further details.