PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--National mortgage lender New Penn Financial (New Penn) announced this week the launch of SmartCondo, a new product that provides expanded financing options for condominium properties that do not meet agency guidelines. SmartCondo is the latest addition to New Penn’s proprietary SMART Series, a line of non-agency loan products that provide a variety of options for highly qualified borrowers.
SmartCondo offers broader qualification guidelines when compared to most standard warrantable condo loan products. SmartCondo permits up to two non-warrantable features, allowing for attributes such as a higher portion of commercial space, reduced pre-sale requirements, increased flexibility for single-entity ownership, HOA replacement reserves, and more. With flexible principal-and-interest or interest-only options for 30-year fixed mortgages or ARMs, SmartCondo loans may be used for primary residences, second homes, and investment properties.
“SmartCondo, like our other SMART Series products, reflects our commitment to providing a variety of unique and responsible financing solutions to meet specific consumer needs often overlooked in the marketplace,” said Keith Jones, Vice President of Credit Policy and Investor Relations at New Penn Financial. “The SmartCondo program gives borrowers an advantage in financing options for the purchase or refinance of their condominium under various scenarios.”
This product is available in all of New Penn Financial’s business channels. Contact your rep for more information on this exciting new program! Find full product descriptions and guidelines on our divisional websites at gonewpenn.com(Wholesale), newpenncorrespondent.com (Correspondent), newpennfinancial.com (Direct to Consumer and Retail) and on our various Joint Venture partner websites.
About New Penn Financial
New Penn Financial® is a leading nationwide lender that brings expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008 and licensed in 49 states, the company and its reputation have grown under the guidance of a management team with years of experience in the mortgage industry. New Penn is headquartered in Plymouth Meeting, Pennsylvania and operates offices nationwide. New Penn is a Shellpoint Partners company and now part of the New Residential Investment Corp. family. More information is available at www.newpennfinancial.com. Please direct all media inquiries to Beth Brindle at public relations firm, Powers Brand Communication.
