Newfi offers one of THE EASIEST Asset Depletion calculation methods in the industry with its Sequoia Portfolio Plus Non-QM program. Eligible funds can be held in checking, savings, stocks, bonds, mutual funds or retirement accounts.
To calculate, take the total amount of eligible assets, divide by 120 months and add the result to the “other income” section of your 1003 – it’s that simple. For every $100,000 in qualified assets you’re able to add $833.00 to your borrowers’ monthly income.
Sequoia features fast in-house underwriting without the delays of an investor secondary review, on average these loans close in 21 days or less.
Here are some additional highlights of Sequoia Portfolio Plus:
- Make-sense underwriting with risk-based guideline exceptions
- 40yr fixed rate with 10yr IO, 30yr fixed, and ARM terms available
- 90% LTV to $1.5 million – 80% LTV to $2 million – 75% LTV to $2.5 million
- Non-owner occupied up to 85% LTV to $1 million with new Sequoia Expanded guidelines
- Expanded DTI up to 55% for owner occupied purchases and R&T refi’s
- 1 year tax return or W-2 documentation
- 12 or 24 month personal bank statement qualification
- Borrower prepared P&L program with 12 or 24 month business bank statements
- Temporary rental income OK (Air Bnb, VRBO)
- No title seasoning on cash out refi’s with reduced LTV
- Non-warrantable condos considered
- No minimum trade line requirement with 3 credit scores and reduced LTV
- Only 3 years from foreclosure, BK, short sale or DIL with new Sequoia Expanded guidelines
- More flexible Non Arms-Length guidelines
We’re here to help you! Contact us directly at (888) 415-1620.