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.
- 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.