Newfi Wholesale’s Sequoia Portfolio Plus allows you to use one year of income documentation for self-employed or salaried W2 borrowers.
Here are some other highlights of Newfi’s recent guideline expansions:
- Loan amounts up to $2.5 million for Owner;
$2 million for NOO and 2nd Home
- Income calculation can use asset depletion funds from checking, savings stocks, bonds, mutual funds, retirement accounts.
Minimum $100k needed to use as income.
- No minimum trade line requirement with 3 credit scores,
LTV < 75% and 24 month housing payment history.
- 12- or 24-month bank statements –
personal or business options available
- 40-year Interest-Only options
- VRBO / AirBnB rentals allowed
- 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
- Good option for borrowers with high ratios that can be alleviated by an aggressive Asset Depletion guideline.
- Ideal for borrowers who need make-sense exceptions
With our in-house approvals, we can make faster underwriting decisions without investor delays. Loans can be tailored to borrowers’ unique income and asset histories.