Do you have borrowers looking for lower initial payments? Newfi’s Sequoia offers a 10-year Interest-Only period at the start of a 40-year term. This gives payment relief while locking in today’s low rates for entire 40 year term, eliminating uncertainty when adjusting from IO to P&I payment.
It’s easier to qualify than most IO loans, because of its 40-year term. Underwriting decisions are done in-house with exceptions available.
- Loan amounts up $2.5 million
- 4 year seasoning for bankruptcy, foreclosure, short sale or deed in lieu
- Purchase, refinance, and cash out
- 85% Max LTV on IO; 90% for fully amortized loans
- DTI up to 55%
- Credit scores as low as 660
- Owner-occupied, second homes and investment properties
- Cash Out available on investment properties
- Self-employed allowed
Along with Newfi’s excellent service level, you will also find strong pricing. Contact your rep to get started!