New Penn Financial is expanding on its financing options for condominiums.
The lender announced this week that it is rolling out non-agency loans for condos. The new loan product, called SmartCondo, is the newest loan in the lender’s SMART Series, a collection of non-agency loans that provide a variety of options for “highly qualified borrowers.”
According to New Penn, SmartCondo offers “broader qualification guidelines” compared to most standard warrantable condo loan products.
New Penn said that SmartCondo allows up to two non-warrantable features, allowing for factors like a higher portion of commercial space, reduced pre-sale requirements, increased flexibility for single-entity ownership, HOA replacement reserves, and more.
The SmartCondo loans are available with flexible principal-and-interest or interest-only options for 30-year fixed mortgages or adjustable-rate mortgages, and may be used for primary residences, second homes, and investment properties.
The loan is available through all of New Penn’s lending channels, including wholesale, correspondent, direct to consumer and retail, and joint venture.
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,” Jones added.
