New Penn Makes Changes to Jumbo Product

New Penn Financial has lowered pricing and expanded guidelines on a jumbo portfolio product offered through both third-party and direct-loan channels.

The company, an affiliate of Shellpoint Partners, said the enhanced Jumbo Advantage loans offered to select borrowers outside of conventional guidelines has lower rates, a minimum Fair Isaac & Co. credit score requirement of 680, a “broader” debt-to-income ratio requirement, and allows for larger purchases and refinances.

Through the program, homeowners with up to a 70% loan-to-value ratio can purchase or refinance up to $2 million on a primary residence. With a 75% LTV, up to $1.5 million on a primary residence can be purchased or refinanced, and with an 80% LTV, up to $1 million on a primary residence can be purchased or refinanced.

The maximum LTV for condominiums is 75%.