Newfi Wholesale has expanded its guidelines for Sequoia Portfolio Plus, making it easier than ever to qualify more Jumbo borrowers.
Here are some of the features of our guideline expansions:
- One year income documentation OK for Self-Employed and basic W-2
- No minimum trade line requirement with 3 credit scores, LTV < 75% and 24 month housing payment history.
- LTV increased to 90% for Owner Occupied
- LTV increased to 80% for Non-Owner Occupied
- Credit Scores as low as 660, with exceptions down to 640
- Revolving accounts paid off to qualify – no need to close the account
- Expanded allowable Non Arms-Length purchase transactions
Sequoia is especially good for:
- Asset Depletion Income – ONE OF THE EASIEST calculation methods in the industry
- Borrowers needing payment relief, so a 40-Year Fixed, 10-Year Interest-Only is the answer
- Borrowers with high ratios that can be alleviated by an aggressive Asset Depletion guideline
- Conforming or Jumbo loan amounts
- Full Doc or Bank Statement qualification
Newfi’s Sequoia is underwritten in-house, making it ideal for borrowers who need make-sense exceptions. It’s regularly used for loans that are just outside a traditional Jumbo A profile.
Loans can be tailored to borrowers’ unique income and asset histories, with amounts up to $2.5 million. With our in-house approvals, we can make faster underwriting decisions without investor delays.