Property investors seeking non-agency financing have more options.
Last month, New Penn Financial LLC unveiled a number of mortgage programs for borrowers who don’t qualify under agency guidelines.
The loans will be held for investment until they can be sold on the secondary market.
New Penn originates business through wholesale and correspondent channels in addition to retail production.
On Tuesday, the Plymouth Meeting, Pa.-based lender said that it has expanded its program guidelines for investor properties.
The program allows loan-to-value ratios up to 65 percent with loan amounts as high as $650,000.
The 65 percent LTV is available on purchase transactions and on refinance cashout loans. On purchases, up to 65 percent in fees can be paid by the seller. A deferred maintenance and repairs feature is available.
Investors can have as many as 20 other properties that are already financed. In addition, they can close in the name of a limited liability company.
The debt-to-income ratio can be as high as 50 percent as long as there are additional reserves. The minimum FICO score is 640.
