Newfi Wishes You Happy Fourth of July

Newfi Wholesale will be closed for Fourth of July, but information on our product options is still just a click away.

Our website’s scenario submission feature is a great way to get answers. It’s a simple one-page webform, and even gives you space to request exceptions, or upload supporting documents.

So tomorrow, as you’re standing over the grill enjoying time with family and friends, we fully expect you will be thinking about Newfi’s great loan programs, including:

  • Sequoia Portfolio Plus – loans up to $2.5 million with flexible guidelines and in-house exceptions
  • Olympic Piggyback Combos – get up to 95% CLTV with no PMI
  • Biscayne Jumbo – competitively-priced, full-delegated jumbos up to $2.5 million with 680+ credit scores
  • Denali – Non-QM up to 95% LTV jumbo with no MI. Plus 40-year fixed with 10-year Interest-Only period.
  • Glacier – Non-QM with flexible terms and credit criteria
  • FHA – strong pricing, flexible, zero-down payment loans with credit scores as low as 580

We at Newfi hope you have a safe and happy celebration this Independence Day.

No Minimum Tradeline Requirement with Newfi’s Portfolio Plus

Have you ever had that perfect Jumbo client? Great scores, plenty of equity or down payment and good income, but they just don’t meet the minimum trade line requirements for most Jumbo loans? We’ve had that borrower too, and our Sequoia Portfolio Plus is the solution!

  • Must have 3 credit scores
  • Owner Occupied properties only
  • 0 x 30 on 24-month housing payment history
  • Max LTV/CLTV of 75% or 15 points under max allowed for loan amount and credit score
  • A minimum 10% borrower contribution has been made by the borrower from their own funds on purchase transactions
  • Allowed on 24 month income documentation only
  • Must have a satisfactory 24-month history of housing payments, borrowers with no current housing expense are not allowed

Some other great features of Sequoia Portfolio Plus include:

  • Loan Amounts to $2.5 million
  • 1 year tax returns or W-2 income qualification
  • Personal or business bank statement income qualification
  • 120-month asset depletion income
  • 40-year fixed rate with 10-year interest only period

Sequoia Portfolio Plus: 1 Year Income Verification For Self Employed Borrowers

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.

Newfi’s Sequoia Expansion – It’s a Big Deal

Newfi Wholesale has expanded its guidelines for Sequoia Portfolio Plus, making it easier than ever to qualify more Jumbo borrowers.

Here are some of the features of our guideline expansions:

  • One year income documentation OK for Self-Employed and basic W-2
  • No minimum trade line requirement with 3 credit scores, LTV < 75% and 24 month housing payment history.
  • 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

Sequoia is especially good for:

  • Asset Depletion Income – ONE OF THE EASIEST calculation methods in the industry
  • Borrowers needing payment relief, so a 40-Year Fixed, 10-Year Interest-Only is the answer
  • Borrowers with high ratios that can be alleviated by an aggressive Asset Depletion guideline
  • Conforming or Jumbo loan amounts
  • Full Doc or Bank Statement qualification

Newfi’s Sequoia is underwritten in-house, making it ideal for borrowers who need make-sense exceptions. It’s regularly used for loans that are just outside a traditional Jumbo A profile.

Loans can be tailored to borrowers’ unique income and asset histories, with amounts up to $2.5 million. With our in-house approvals, we can make faster underwriting decisions without investor delays.

Make Sense Lending is Back

Newfi Wholesale works hard to make sure we have the solutions that fit your needs:

  • Sequoia Portfolio Plus offers flexible in-house exceptions and only 4 years seasoning on BK and foreclosure.
  • 95% CLTV Purchase with our Olympic Piggyback – down payment can come from all gift funds.
  • Biscayne Jumbo is your pick for loans up to $3 million. Fully delegated and 70% value of retirement accounts can be used as reserves. It’s Newfi’s best-priced jumbo.
  • For a Jumbo with a non-occupant co-borrower, see Sequoia Portfolio Plus
  • Payment relief – use our 40-year fixed with a 10-year Interest-Only. This is available on both Sequoia Portfolio Plus and Denali
  • Ratios too high? Just use asset depletion to bring in additional income. Our Sequoia Portfolio Plus only requires you to divide the asset over 10 years. $200,000 in asset = $1,666 additional monthly income.
  • Only three years seasoning requirement on BK or foreclosure, with LTVs up to 95%, see Denali
  • No limit on amount of cash out, see Denali
  • Bank statements used to calculate income, allowed on Sequoia and Glacier

Ask your account executive to assist you in running your scenario, packaging your loan and finding the very best product to fit your borrowers needs.

We’re here to help you!

 

Ask Newfi About In-House Exceptions for Jumbos

You asked and we listened. Newfi makes it easy to request in-house exceptions for jumbo loan amounts. Submit your exception request here.

Typical exception requests on the Sequoia Portfolio Plus include:

  • Credit Score
  • Max Cash Out
  • Credit History
  • Payment Shock
  • Non-Warrantable Condo
  • DTI
  • Loan Amount

And don’t forget, besides the in-house exceptions on our Portfolio Plus, we offer a Fixed Rate, 40-year with 10-year Interest-Only to provide payment relief.

We’re here to help you! Submit your scenario today.

Newfi Wholesale Hits Target with Near-Miss Jumbos

It can be frustrating when one or two guidelines block a perfect borrower from qualifying for a perfect jumbo loan.

We call those Near-Miss Jumbos. And they’re why we created Sequoia Portfolio Plus – so more of those jumbos can find a fit.

With Sequoia, we make all credit decisions and exceptions, which means flexible qualification and faster credit decisions.

Here’s what our Sequoia Portfolio Plus can help you with:

  • Guideline exceptions – Newfi makes the calls
  • Loan amounts up to $2 million
  • 40-year fixed with 10-year interest-only period – excellent payment relief
  • Up to 50% DTI (purchase);
  • Full Doc or 12-month bank statement
  • 4-year seasoning on BK/Foreclosure/DIL/Short Sale
  • Non-occupant co-borrowers allowed
  • Business funds can be used for down payment, closing costs and reserves
  • Asset depletion used for income with a 10-year calculation – allows you to decrease ratios

Read more about our Sequoia Portfolio Plus lending program.

Plus: Our FHA pricing is very strong! Check us out on LoanSifter and see!

Call us for pricing or scenarios. We’re here to help. We also have a convenient Submit a Scenario feature on our website. It’s a simple and fast way to to find the best product fit for your borrowers.

Newfi Wholesale’s Scenario Submission Simplifies and Streamlines

Newfi Wholesale’s Submit a Scenario feature is a simple and fast way to to find the best product fit for your borrowers.

Conveniently located at the top of our website, Submit a Scenario guides you through a webform to collect basic information about your unique loan.

Along with the regular data fields, there is space to share compensating factors, and to request exceptions, if needed. Remember, Newfi does in-house exceptions on the Sequoia Portfolio Plus.

Your scenario then gets sent to your AE, who can help customize the best fit for your borrowers’ needs.

Try it out today!

Top 10 Reasons to Send Your Tough Loans to Newfi Wholesale

Do you have a loan that’s tough to get approved? Send your loan to Newfi Wholesale, where we have a plethora of non-QM programs to help you get your loan closed:

  1. Interest Only. Fixed rate, 40-year loans with the first 10 years making interest only payments, and then 30 years of full PITI
  2. Pre-approvals to ensure your borrowers are well equipped when submitting their offer.
  3. Bank statements with 12 month or 24 month programs
  4. Asset depletion translated into qualifying income for your borrower. Simply divide assets over 120 months. Every $100,000 = $833.33 per month.
  5. Guideline exceptions made in-house.
  6. High LTV cash out. 95% owner-occupied, 85% non-owner occupied
  7. LLCs OK. Close in an LLC with Newfi Wholesale’s Glacier Non-QM program.
  8. RSU income used for qualifying purposes
  9. Credit events. Foreclosure, short-sale, deed-in-lieu seasoning from 3 yr on owner occupied and 1 day on non-owner occupied
  10. Mix-and-match qualification methods in a single transactions. Use bank statement for self-employed, asset depletion and full doc on employed borrower.
For more information, contact us at (888) 415-1620 or visit us at newfiwholesale.com.

Introducing Sequoia Portfolio Plus

New Sequoia Portfolio Plus

Our new Sequoia Portfolio Plus loan program means flexible qualification, in-house exception decisions, and fast approvals!

What’s exciting about Sequoia Portfolio Plus?

  • We handle all underwriting and exceptions
  • Flexible guideline qualification
  • Live scenario desk for same-day decisions
  • Low rates even for complicated credit situations

See Sequoia Guidelines (.pdf)

Sequoia Portfolio Plus Loan Flyer

Click here for the Sequoia flyer (.pdf)

Product highlights

As a portfolio product, we can make exceptions to many of these criteria, provided there are compensating factors in reserves, income, or other areas.

  • Loan amounts up to $2.0 million
  • Purchase, refinance, and cash out
  • Term options:
    • 30 year fixed & 15 year fixed
    • 40 year fixed with 10 year interest only period
    • 7/1 ARM & 5/1 ARM (interest only available on both)
  • LTV up to 85% (purchase), 75% (rate & term) or 70% (cash out)
  • DTI up to 50% (purchase), 55% (rate & term)
  • Credit scores as low as 680
  • 4 years seasoning for bankruptcy, foreclosure, short sale or deed in lieu
  • Owner-occupied, second homes, and investment properties
  • 12 month bank statement program

Who is this product best for?

All kinds of borrowers are suitable for Sequoia, but you may find the most success with difficult-to-qualify borrowers like:

  • High-asset borrowers needing exceptions on credit score, LTV, or DTI
  • Self-employed borrowers
  • Borrowers with credit events who also have excellent credit history since event
  • Real estate investors with multiple properties
  • Non-warrantable condos

Borrowers should have strong credit and personal financial strength to qualify for the best rates.

For more information about Sequoia Portfolio Plus

See the product page or our product guidelines, call your Account Manager, or reach out to the Newfi Wholesale team at 888-415-1620!

See Sequoia Guidelines (.pdf)

Check out our other wholesale loan products!