Is It Getting Any Easier To Get A Mortgage Loan?

Northern VA Mortgages

One of the great things about working with seasoned, top producing Realtors is that they have their hands not just on the pulse of the real estate market, but on the mortgage market as well. Otherwise, you may just be rolling the dice!

Here at The Belt Team, we have several top notch lenders we work with – some of whom we have worked with for almost 30 years. (That’s like eternity in the loan business!) This is a win-win not just for our current buyer clients, but also for our past clients who may be looking to refinance with today’s favorable interest rates! (Call us at 703-242-3975 if you need a referral.)

Last week we met with one of our trusted partners (John Clark Jr with New Penn Financial) and he provided us with some great news. His company has made enhancements to some of their mortgage products that may just benefit YOU. Here are the highlights:

A non QM loan!

  • Debt-to-Income (DTI) Offering up to 55%
  • Interest Only Available
  • Non-Warrantable Condos
  • Expanded Timeline for Use of Projected Income
  • Open to First Time Homebuyers

JUMBO Advantage:

The maximum LTV/CLTV/HCLTV for Cash‐out Refinances from $1,000,001
to $1,500,000 has been increased to 75% (from 70%).

80‐10‐10 Loan Option: These used to be very popular, but are much harder to find in today’s market.

INVESTOR Loan Limit: We have increased the number of properties to be able to finance to 10,with Fannie Mae approval and unlimited number of properties financed, if we are financing a primary residence.

Qualified Assets as Income: We will now accept any qualified/retirement asset as potential
passive income, even 401k accounts. We also follow Fannie’s revised rule that permits us to divide the asset by the actual term of the new loan to determine income available. (This is great news for our high net worth clients!)

Contact John Clark directly for details and more information!

Not only is all of this great news for certain clients who will take advantage of these programs, but we see it as a positive sign in the market that the stronger institutions are loosening up their guidelines and taking somewhat of a more common sense approach. Kudos to New Penn Financial!

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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


“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!


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