FHA loans for credit scores as low as 580

Daniel Silver FHA Loans, News, Products

Wholesale FHA Loans for credit scores as low as 580

We’re now offering FHA loans for credit scores as low as 580!

With our new FHA guidelines, we’re offering FHA loans for an even wider range of credit scores. Here’s what special about our FHA loans:

  • AUS or manual underwrite
  • Credit scores as low as 580!
  • Foreclosure or deed-in-lieu allowed after 3 year waiting period
  • Gift funds allowed for 100% of down payment and closing costs
  • Low 3.5% down payment
  • Up to 85% cash out

For more information

Call your Account Manager, or reach out to the Newfi Wholesale team at 888-415-1620!

Check out our other wholesale loan products!

 

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How to run DU in the Newfi Wholesale portal

Daniel Silver News, Why We're Great

At Newfi Wholesale, we’re constantly adding new features to make your life easier. We’re now providing a variety of flexible options for DU and credit report handling, allowing you the choice to:

  1. Run DU on the Newfi Wholesale portal. This lets you reissue your existing credit report. No need to use a Newfi Wholesale approved vendor!
  2. Assign an existing DO casefile to us. If you have already pulled a FNMA DO casefile, you can assign it directly to Newfi Lending, avoiding the need for us to pull a DU and a credit report from an approved vendor! Note that this requires DO sponsorship. To do this, add Newfi Lending ID# 725911 as a dropdown lender in DU.
  3. Run DU with a fresh credit report. You can pull a new credit report from your credit vendor and then run an initial DU finding on the Newfi Wholesale portal. This allows you to run and view findings for the first time.
  4. Have us run DU for you. Just like you can now, you can always choose to have Newfi Wholesale run DU for you at the time of underwriting. We will reissue your credit report for you if it comes from one of our approved vendors, or we can pull a new credit report for you if the vendor is not approved.

Note that these options are specific to FNMA conforming loans. For FHLMC loans, Newfi Wholesale can run LP for you using a reissued credit report from an approved vendor, or we can pull new a credit report for you from an approved vendor.

If you have any questions, just contact your Newfi Wholesale Account Manager or call us at (888) 415-1620.

New FHA Loan Limits for 2018

Daniel Silver FHA Loans, News

HUD has increased loan limits for FHA-insurable mortgages in 2018!

Some of these increases have been substantial, which may help you qualify more borrowers. We’re seeing increases from from $275,665 to $294,515 in low cost markets and from $636,150 to $679,650 for high cost markets. For example, King County in Washington State increased from $592,250 for a single family residence to $667,000.

Note that these changes are NOT the same as the conforming loan increases for 2018.

Visit the HUD website for county-specific FHA loan limits.

New 1003 Demographic Information Addendum for 2018

Daniel Silver News

Brokers will need to use a NEW HMDA Demographic Information Addendum for the 1003 application in 2018!

There is a new HMDA Demographic Information Addendum to Uniform Residental Lending Application (URLA, also known as the 1003), which you can view here.

Brokers must submit a completed addendum for all loan applications dated 1/1/2018 or later. The form should already be part of the standard 1003 in your Loan Origination System (LOS). If you have questions, please contact your Newfi Wholesale Account Manager or call us at (888) 415-1620.

Help us feed our community!

Daniel Silver News

Newfi Wholesale Holiday Charity 2017

At Newfi, we think food is a basic human right.

That’s why we will donate $5 to the Alameda County Community Food Bank for every loan that Newfi Wholesale receives in December and which closes in December or January.

The Alameda Country Community Food Bank is an Oakland-based non-profit that helps feed the hungry year-round in our backyard. We’re proud to give them a hand!

For more information, contact your Account Manager, or reach out to the Newfi Wholesale team at 888-415-1620.

We’re now accepting 2018 loan limits!

Daniel Silver News

Newfi Wholesale is now accepting loans up to the newly-approved FHFA conforming loan limits!

The FHFA recently updated their conforming loan limits for 2018. Newfi Wholesale will accept applications using the new loan limits beginning December 4, 2017. In addition, Newfi will allow fundings using the new loan limits prior to January 1, 2018.

UPDATE 12/11: The Newfi Wholesale broker portal now accepts the 2018 conforming and high balance loan limits.

Conforming Loan Limits for 2018

Below are the new loan limits for 2018. Remember that loan limits on high balance may be lower based on the county of the subject property. Visit the FHFA website for county-specific information.

2018 Conforming Loan Limits

High-Cost Conforming Loan Limits 2018

Low Rates for High Balance Mortgages

Daniel Silver Jumbos, News, Products

Our Biscayne fully-delegated jumbo loan program can now be underwritten to AUS findings for conforming high-balance loans!

With our new guidelines, agency high-balance loans may be underwritten to the AUS findings and submitted to our aggressively-priced, fully-delegated Biscayne jumbo loan program!

What are the overlays for agency high-balance loans?

  • Agency high balance loans must have approve eligible findings
  • No Property Inspection Waiver (PIW) allowed.
    • Full appraisal required
    • Field review required for property values of $1+ million with LTV/CLTV greater than 75%
  • Max 80% LTV
  • Maximum DTI of 43%
  • 30 year fixed rate only
  • High Balance loan must follow Biscayne loan amount & LTV matrix
  • Reserve requirement will follow AUS findings
  • DU or LP findings are acceptable

What’s special about the Biscayne Jumbo loan program?

  • Fully delegated for fast closing — no investor-added conditions or timelines
  • Very aggressively priced
  • Qualify with RSU income

Read all about the Biscayne Delegated Jumbo Loan Program and get the latest guidelines.

For more information

Call your Account Manager, or reach out to the Newfi Wholesale team at 888-415-1620!

Check out our other wholesale loan products!

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Glacier Investment Property Loan Program

Daniel Silver Non-QM, Products

Glacier Wholesale Investment Property Loan Program

Here’s a new non-QM product for real estate investors who don’t qualify for typical agency loans — and a great NICHE product to help you stand out.

Introducing the Glacier Investment Loan Program!

Glacier Investment Property Non-QM Loan Flyer

Click Here for a PDF of the Product Flyer

Look at these features:

  • Loan amounts up to $2 million
  • Up to 80% LTV (75% LTV for cash out)
  • Credit scores as low as 620
  • Purchase, R&T, and cash out all OK
  • No maximum number of financed properties
  • No DSCR requirement
  • 12 months of personal bank statements for self-employed borrowers OK
  • “One day” seasoning for foreclosure, short sale or deed in lieu for loan amounts of $1 million or less
  • 24 months of seasoning for Chapter 7 bankruptcy
  • Foreign nationals OK
  • Non-warrantable condos considered
  • 5/1 ARM available with interest only option

See the full loan program guidelines here:
Glacier Investment Loan Program Guidelines

For more information, call the Newfi Wholesale team at 888-415-1620.

Check out our other wholesale loan products!

Biscayne Delegated Jumbo Now Includes Condos

Daniel Silver Jumbos, News, Products

Our Biscayne fully-delegated jumbo loan program is now open to condos!

What are the guidelines for condominiums?

  • No LLPA for condo property type
  • Full Condo Review Required
  • CC&Rs & Bylaws
  • Annual budget
  • E&O and Liability insurance minimum $1MM
  • Projects with litigation are ineligible
  • Minimum square footage 400
  • New projects ineligible
  • Low/Mid/High rise are eligible
  • Max LTV 85%. LTV > 80% requires 740 FICO
  • $2MM max loan amount

What’s special about the Biscayne Jumbo?

  • Fully delegated for fast closing — no investor-added conditions or timelines
  • Very aggressively priced
  • Qualify with RSUs

Read all about the Biscayne Delegated Jumbo Loan Program and get the latest guidelines.

For more information

Call your Account Manager, or reach out to the Newfi Wholesale team at 888-415-1620!

Check out our other wholesale loan products!

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