New Penn Financial Debuts New Piggyback Product
Plymouth Meeting, PA — National mortgage lender New Penn Financial (New Penn) announced today the launch of a new piggyback product that provides flexible financing options for highly qualified borrowers. The piggyback, a HELOC transaction, is now available to New Penn’s Wholesale Lending division and will soon be available in the Direct-to-Consumer and Retail Lending business channels.
The New Penn piggyback HELOC is combined with a first lien up to 95% financing and is designed to serve a variety of well qualified borrowers. The HELOC product is closed concurrently with a New Penn Financial first mortgage from the company’s lineup of Conventional DU, LPA, Dream Big, or certain Jumbo Series programs.
First-time home buyers can qualify with minimal down payment requirements and also avoid the need for mortgage insurance. This aids in removing barriers to entry that many first-time buyers are facing in today’s marketplace.
Jumbo loan borrowers may find that the piggyback HELOC product allows them to qualify within conforming loan limits or at a lower LTV level, which provides for a more attractive interest rate without a requirement for mortgage insurance on the loan. Eliminating mortgage insurance means borrowers are putting more of their money directly toward their investment each month.
“A New Penn piggyback loan is an excellent example of the product development capabilities now available to us as a result of our recent acquisition by New Residential Investment Corp,” said Kevin Harrigan, President and CEO of New Penn Financial. “We strive to serve clients with innovative loan products that will enable home ownership and personal financial strength.”
Headquartered in Plymouth Meeting, PA, with offices across the United States, New Penn Financial specializes in finding the right loan for every borrower. The lender offers a wide range of mortgage products that help make the dream of home ownership attainable.
About New Penn Financial
New Penn Financial® is a leading nationwide lender that brings expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008 and licensed in 49 states, the company and its reputation have grown 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 offices nationwide. New Penn is a Shellpoint Partners company and now part of the New Residential Investment Corp. family.