Mortgage Minute: New Expanded FHA & VA Guidelines From NPF Benefit Home Buyers

Today’s “Mortgage Minute” is just in from our trusted lending partner, Senior Loan Officer Paul Diaz with New Penn Financial! If you’re thinking of buying a home in Northern Virginia this year – this may interest you!

Northern VA Mortgage Financing          Home Mortgages in Northern Virginia

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“Please let your homebuyers know that qualifying for an FHA and VA loan with
New Penn Financial has never been easier! With New Penn’s unparalleled customer service and far-reaching guidelines, more borrowers gain access to a mortgage to purchase their new home. Here are some of the things we may be able to do:

  • FICOs (credit scores) starting at 580 (FHA) and 560 (VA)
  • Increased DTI (debt-to-income ratio) limits up to 60%
  • Revised tradeline requirements
  • Government down payment assistance permitted

Note that these are not set-in-stone guidelines, but we may have flexibility in these areas when compensating factors are involved. Examples of compensating factors would be high income, large assets or long time on the job.

When the market is contracting as a whole, New Penn Financial, LLC is expanding what we offer! Don’t hesitate to contact us. You may be pleasantly surprised that you can buy a home sooner than you think!

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Contact Paul Diaz at New Penn Financial for full details of program guidelines.

Unusual Mortgage Financing May Help You!

Box with Bow

Mortgage underwriters (the people who actually “approve” your loan when you’re buying a house or refinancing) like to think that everyone fits into a little square box with a nice big ribbon on top. But homebuyers are not all the same.

If you have a situation that may be a bit outside the box, don’t worry. We have a wonderful resource for portfolio loans in Northern Virginia! (Portfolio loans are loans that are held by the lender, rather than being sold on the secondary market. As a result, the lender can often be more flexible in their underwriting guidelines.)

Here are some examples where our lender partner may be able to help you:

Check MarkYOU’RE SELF-EMPLOYED– but have been self-employed for less than the standard 2 year requirement. Our lender can work with just 1 year of self-employed or commission income..

Check Mark YOU’RE A FOREIGN NATIONAL

Check MarkYOU’RE FINANCING A LUXURY HOME and only want to make a 15-20% down payment. Our lender can do 85% LTV to $1 million and 80% LTV to $1.5 million  (owner occupied.)

Northern VA Mortgage FinancingThere are lots of other ways our lender can help. If you don’t fit inside that neatly wrapped borrower gift box, and you want to buy or refinance a home in Northern VA – don’t give up! Reach out to our lender, Paul Diaz with New Penn Financial. There’s a good chance he can help!