National mortgage lender New Penn Financial has introduced SmartCondo, a product that expands financing options for condominium properties that do not meet agency guidelines.
The new offering is an addition to the company’s SMART Series, which includes non-agency loan products that provide a variety of options for highly qualified borrowers.
“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. “The SmartCondo program gives borrowers an advantage in financing options for the purchase or refinance of their condominium under various scenarios.”
The product offers broader qualification guidelines when compared to most standard warrantable condo loan products. SmartCondo allows 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.
Borrowers can use the product for primary residences, second homes, and investment properties given its flexible principal-and-interest or interest-only options for 30-year fixed mortgages or adjustable-rate mortgages.
SmartCondo is available in all of New Penn’s business channels.