June 11, 2018
New Product Launch
High Balance Extra
New Penn Financial is pleased to announce the launch of the High Balance Extra product for our National Correspondent Division. 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.
National Correspondent Division
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
o Attached/Detached SFRs & PUDs
o Low/Mid/High-Rise Condos & Site Condos
o 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
Information in this communication is a summary and is not complete. Printed copies may not contain the most up-to-date information. Refer to NPF's
Product Profiles and the applicable agency's guidelines for complete details. This information is for use by employees of New Penn Financial only and
should not be distributed to or used by consumers or other third-parties.
At this time, New Penn Financial cannot finance loans secured by properties located in Hawaii.
Register for an upcoming training in NPU to learn more about the High Balance Extra product. Click HERE to sign up for courses in NPU now!