Newfi’s Sequoia Portfolio Plus offers jumbo refi and cash-out with no reserve requirement. Loans would need to meet the following criteria:
- Rate & Term refinance with DTI of 43% or less and have a qualifying payment lower than current payment. All other non-subject property reserve requirements remain.
- Cash-out refinance with DTI of 43% or less and either PITI is lower than current PITI OR global debt payment is being reduced by a minimum of 10%. All other non-subject property reserve requirements remain.
This new feature was added in our last update to the guidelines. Check out all that our Non-QM Sequoia product line has to offer:
- Sequoia Portfolio Plus has all credit decisions and exceptions made by Newfi underwriters who know the guidelines front and back. This makes for flexible qualifications and faster approvals.
- Sequoia Portfolio Expanded builds on those features, offering higher LTV limits, lower credit scores and shorter recovery time between major credit events.
- Sequoia Investor Pro is designed for borrowers who have an investment property portfolio and need alternative means to qualify for a loan. Investor Pro requires no verification of income, employment or reserves.