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
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!