NEWREZ NICHES
Our Smart Series, a full suite of non-QM solutions, ensures that home buyers who have unique financing needs have access to unique mortgage solutions that meet their specific needs.SMARTSELF
A non-QM solution, SmartSelf is ideal for borrowers requiring the use of bank statements or 1099s to qualify.
HIGHLIGHTS:
- 660 minimum credit score
- 90% loan-to-value (LTV) for primary residence
- 85% loan-to-value (LTV) for second homes and investment homes
- 50% maximum debt-to-income ratio (DTI)
- Loan amounts up to $3M on purchases and rate & term refinances of primary residence
- 12 or 24- month bank statement options
- No tax returns or tax transcripts required
- $500,000 maximum cash in hand for primary residences and second homes
- 30-year fixed rate
- 30-year and 40-year fixed-rate interest-only options available
- 10-year interest-only period
- 5/6, 7/6, and 10/6 adjustable-rate mortgage (ARM) and interest only options
- Expense factor as low as 15%
SMARTVEST
A non-QM solution, SmartVest is designed for real estate investors seeking to purchase or refinance an investment property that is owned for business purposes and allows foreign nationals.
HIGHLIGHTS:
- 660 minimum credit score
- 80% loan-to-value (LTV) for purchases and rate and term refinances
- 75% loan-to-value (LTV) for cash-out refinances
- Loan amounts up to $2M on purchases and rate & term refinances.
- Debt-to-income ratio (DTI) not calculated – use cash flow analysis
- Borrower is qualified based upon the cash flow of the subject property
- No tax transcripts or tax returns required
- Debt Coverage Ratio
- Purchase and rate and term refinances = 0.8
- Cash-out refinances = 1.15, FT investor 1.25
- May own an unlimited number of financed properties.
- 30-year fixed rate
- 30-year and 40-year fied rate interest only options available
- 10-year interest only period
- 5/6, 7/6, and 10/6 adjustable-rate mortgage (ARM) and interest only options
SMARTEDGE
A non-QM solution, SmartEdge offers competitive financing solutions for borrowers who fall just outside of standard agency and prime jumbo programs due to a credit event or other isolated lapse in their credit performance. Also allows individual taxpayer identification numbers (ITINs).
HIGHLIGHTS:
- 660 minimum credit score
- 85% loan-to-value (LTV) for primary residence
- 50% debt-to-income ratio (DTI)
- Available for loan amounts up to $2M
- Asset amortization/depletion may be used to qualify
- Only 2-4 years seasoning for serious derogatory credit events
- Purchase, rate and term and cash-out, refinance options available
- 30-year and 40-year fixed-rate interest-only options available
- 10-year interest only period
- 5/6, 7/6, and 10/6 adjustable-rate mortgage (ARM) and interest only options
