SmartSeries Product Update
Minimum Loan Limits in NY for Primary Residences
Effective immediately, the SmartSeries of products is being updated to allow the product’s minimum loan amount for primary residences in New York. This minimum will now align with the minimum loan amount for all other states, with the exception of Connecticut which will remain at $1 above conforming and high-balance limits for primary residence transactions.
This will be available for new registrations, locks and pipeline loans. Please note that there is no change to SmartVest as all states have the same product minimum loan amount.
Clarification is being made to address assumability. Effective immediately for all loans, adjustable rate mortgages are assumable to a qualified customer after the initial fixed rate period. Fixed products are not assumable.
Please reference the NPF Lending Library for full details of the changes outlined in this announcement.