Newfi Offering 1099 Option to Help Qualify More Borrowers

Newfi is making it easier for borrowers to qualify using its Sequoia Portfolio Plus and Expanded products, using 1099 income documentation, instead of just using bank statements or asset depletion. The Form 1099 option is designed for borrowers who receive one of more 1099s per year, and can be combined with other types of full doc income. To use non-1099 …

Payment Relief: 40-Year Term, 10 Year Initial IO on Sequoia

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 …

Qualify Using Bank Statements with No P&L

Did you know you can qualify a borrower using business bank statements with no P&L? Simply apply a fixed expense ratio based on the size and type of business. Learn more about using  our Sequoia Portfolio bank statement programs. Expense Ratio for Bank Statement Income Calculations Number of Employees 0 1-5 > 5 Service Business 20% 40% 60% Product Business …

Now is the time: Get Cash-Out on Investment Properties

Many borrowers have seen strong equity growth on their non-owner properties. Newfi’s Sequoia Portfolio Plus is a great program for borrowers to take a cash-out refi to get equity out of investment properties. Cash-out refis go up to 80% LTV on full doc with 680 credit; up to 75% with 660 credit. A bank statement option is also available with LTVs to 75% …

Qualify More Self-Employed Borrowers

Newfi continues to innovate for self-employed borrowers. With our Sequoia Portfolio Plus and Expanded programs you have two different options for calculating the net qualifying income from your borrowers business bank statements: Fixed Expense Ratio – This is the quickest and easiest calculation. Simply add up the total business deposits and apply a fixed expense ratio, based on the type and size of …