New Penn Financial Announces Enhanced Jumbo Mortgage
New guidelines and pricing will meet the needs of more high-end buyers and homeowners
PLYMOUTH MEETING, PA (March 4, 2013) - Nationwide lender New Penn Financial, LLC has lowered pricing and expanded guidelines on its Jumbo Advantage mortgage program, a portfolio product that is available through brokers and mortgage bankers, and is also offered directly to consumers.
The enhanced loan, which is exclusive to New Penn, enables more customers seeking to purchase high-end homes or refinance an existing jumbo mortgage to qualify for financing and realize significant benefits.
Credit worthy borrowers who don't conform to conventional guideline can take advantage of today's real estate market with this loan that features lower rates, a minimum FICO score requirement of 680 and a broader debt-to-income ratio requirement. The loan opens the door for larger purchases and refinances, too.
The Jumbo Advantage mortgage enables homeowners to purchase or refinance:
- Up to 70% loan-to-value (LTV) for amounts up to $2,000,000 on a primary residence
- Up to 75% loan-to-value (LTV) for amounts up to $1,500,000 on a primary residence
- Up to 85% loan-to-value (LTV) for amounts up to $1,000,000 on a primary residence
- Up to 75% LTV for condos
"Even with the scarcity of jumbo products today, we sweetened the deal for our customers," said Bob Johnson, Senior Vice President of Capital Markets. "As always, our focus is on the total customer experience of innovative products backed by hands-on service and quick turn around times."
COO Brian Simon added, "In fact, turn times for the Jumbo Advantage program will be significantly less than those of big banks. It's competitiveness like this that has spurred our rapid growth."
About New Penn Financial
New Penn Financial has become a leading nationwide lender by bringing expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008, and licensed in 47 states, the company and its reputation have grown rapidly under the guidance of a management team with years of experience in the mortgage industry. New Penn is headquartered in Plymouth Meeting, Pennsylvania and operates over 40 branch offices nationwide. New Penn is a Shellpoint Partners company.