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Product Newsflash:
NEW NewLeaf Oak Series
Release Date: October 31, 2017
Effective Date: October 31, 2017
Broker Bulletin #: 2017-50
Overview
NewLeaf is pleased to announce the release of the NewLeaf Oak QM & Non-QM Products that are available on October 31st.
Details
Below are the new NewLeaf Oak Products:
- NewLeaf Oak Select QM
- NewLeaf Oak Select 90% QM
- NewLeaf Oak Select Non-QM
- NewLeaf Oak Choice QM
- NewLeaf Oak Choice Non-QM
NewLeaf Oak Select QM:
- Available up to 85% LTV with No MI
- Minimum credit score for the program is 700
- 15 & 30 Year Fixed & 5/1, 7/1 & 10/1 ARMs Fully Amortizing
- 1-2 Unit Owner Occupied Properties, 1 Unit Second Homes, 1-4 Unit Investment properties, PUDs & Warrantable Condominiums
- Purchase, Rate/Term & Cash-Out Transactions
- Delayed financing allowed
- Maximum DTI is 43% for LTVs up to 80% & 36% for LTVs > 80%
- Minimum loan amount is $424,101 for 1 unit properties or $1 above the conforming loan limit for 2-4 units properties for up to 80% LTV; > 80% to 85% LTVs, the minimum loan amount is $1 above agency high balance limits per county
- Maximum loan amount is $2,500,000
- First Time Homebuyers allowed up to 80% LTV
- Non-Occupant Co-Borrowers not allowed
- Maximum 4 financed properties including the subject property regardless of occupancy type
- Landlord history is not required when using rental income to qualify
- Gift funds are allowed up to 80% LTV
- Up to 40 acres allowed
NewLeaf Oak Select 90% QM:
- Available up to 90% LTV with No MI
- Minimum credit score is 720
- 30 Year Fixed Only
- 1 Unit Owner Occupied Properties, PUDs & Warrantable Condominiums
- Purchase & Rate/Term Transactions (Cash-Out not allowed)
- Maximum DTI is 43% DTI for Non-First Time Homebuyers; Maximum 38% DTI for First Time Homebuyers
- Minimum loan amount is $1 over the current agency high balance limits; high balance loan amounts are ineligible
- Maximum loan amount is $1,500,000
- First Time Homebuyers allowed up to 90% LTV
- Non-Occupant Co-Borrowers not allowed
- Maximum 2 financed properties including the subject property
- Landlord history is not required when using rental income to qualify
- Residual income calculation is required
- Gift funds are not allowed
- Up to 20 acres allowed
NewLeaf Oak Select Non-QM:
- Asset Depletion Allowed
- Projected Income allowed
- Investment purchase transactions allowed using rental income with no lease agreement
- Departing residence excluded from DTI when the property is not listed for sale or leased to rent at the time of the subject transaction
- Available up to 80% LTV
- Minimum credit score for the program is 700
- 30 year fixed only Fully Amortizing
- 1-2 Unit Owner Occupied Properties, 1 Unit Second Homes, 1-4 Unit Investment properties, PUDs & Warrantable & Non-Warrantable Condominiums
- Purchase, Rate/Term & Cash-Out Transactions
- Delayed financing allowed
- Maximum DTI is 49.99%
- Minimum loan amount is $300,000
- Maximum loan amount is $2,000,000
- First Time Homebuyers allowed
- Non-Occupant Co-Borrowers not allowed
- Maximum 4 financed properties including the subject property regardless of occupancy type
- Landlord history is not required when using rental income to qualify
- Residual income calculation is required
- Gift funds are allowed
- Up to 40 acres allowed
NewLeaf Oak Choice QM:
- Available up to 90% LTV with No MI
- Minimum credit score for the program is 661
- 15 & 30 Year Fixed & 5/1, 7/1 & 10/1 ARMs Fully Amortizing
- 1-4 Unit Owner Occupied Properties, 1 Unit Second Homes, 1-4 Unit Investment properties, PUDs & Warrantable & Non-Warrantable Condominiums
- Purchase, Rate/Term & Cash-Out Transactions
- Delayed financing allowed
- Maximum DTI is 43% up to 80% LTV; 38% > 80% LTV
- Minimum loan amount is $1 above the agency high balance limits
- Maximum loan amount is $2,000,000
- First Time Homebuyers allowed up to 80% LTV
- Non-Occupant Co-Borrowers allowed with blended ratios up to 43%
- Maximum 10 financed properties including the subject property regardless of occupancy type
- Landlord history is not required when using rental income to qualify
- Residual income calculation is required
- Gift funds are allowed up to 80% LTV
- Up to 40 acres allowed
NewLeaf Oak Choice Non-QM:
- Asset Depletion Allowed
- Projected Income allowed without a guaranteed non-revocable contract
- Investment purchase transactions allowed using rental income with no lease agreement
- Departing residence excluded from DTI when the property is not listed for sale or leased to rent at the time of the subject transaction
- Available up to 90% LTV with No MI
- Minimum credit score for the program is 661
- 15 & 30 year fixed, 5/1, 7/1 & 10/1 ARMs Fully Amortizing
- 30 year fixed, 5/1 & 7/1 ARMs Interest Only
- 1-4 Unit Owner Occupied Properties, 1 Unit Second Homes, 1-4 Unit Investment properties, PUDs & Warrantable & Non-Warrantable Condominiums
- Purchase, Rate/Term & Cash-Out Transactions
- Delayed financing allowed
- Maximum DTI is 49.99% for Fixed Rate & 47% for ARM
- Minimum loan amount $1 over the current agency high balance limits
- Maximum loan amount is $2,000,000
- First Time Homebuyers allowed
- Non-Occupant Co-Borrowers with blended ratios up to 43%
- Maximum 10 financed properties including the subject property regardless of occupancy type
- Landlord history is not required when using rental income to qualify
- Residual income calculation is required
- Gift funds are allowed
- Up to 40 acres allowed
Non-Warrantable Condominiums:
- NewLeaf Oak Choice QM & Non-QM Only
- Commercial Space - Commercial space includes space above and below grade. Commercial space must be compatible with the residential use of the project. For example, restaurants, small shops, business offices, small market/grocery store that complement the neighborhood.
- Maximum 35% commercial space or
- Maximum >35%-50% allowed if the commercial space is owned and controlled by an HOA that is separate from the subject project HOA.
- Maximum ownership by one (1) entity - 25% for projects with more than ten (10) units.
- Units owned by the developer, sponsor, or succeeding developer that are vacant and being actively marketed for sale are not included in the calculation.
- Units currently leased must be included in the calculation.
- For projects with ten (10) units or less, Fannie Mae guidelines apply for the number of units owned by one (1) entity and would not be considered non-warrantable
- Presale - New projects or converted projects (as defined by Fannie Mae) must have at least 30% of the units sold or under contract to owner occupants or second home purchasers for the subject phase; common areas/amenities must be complete for the subject phase.
- Budget - for projects with line item for replacement reserves of less than 10%;
- Less than 10% but greater than 7% replacement reserves allowed if current reserve balance exceeds 10% of operating expenses
- Less than 7% replacement reserves allowed if current reserve balance exceeds 20% operating expenses
- Project balance sheet must be provided and within 120 days of the Note date.
- Only 1 non-warrantable feature is allowed and LTV/CLTV must be reduced by 10% below product/program maximum
NewLeaf Oak QM & Non-QM Product Names/Product Codes:
NewLeaf Oak Select QM 30 Year Fixed
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W644
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NewLeaf Oak Select QM 15 Year Fixed
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W645
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NewLeaf Oak Select QM 5/1 LIBOR ARM
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W646
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NewLeaf Oak Select QM 7/1 LIBOR ARM
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W647
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NewLeaf Oak Select QM 10/1 LIBOR ARM
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W648
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NewLeaf Oak Select 90 QM 30 Year Fixed
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W649
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NewLeaf Oak Choice QM 30 Year Fixed
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W650
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NewLeaf Oak Choice QM 15 Year Fixed
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W651
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NewLeaf Oak Choice QM 5/1 LIBOR ARM
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W652
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NewLeaf Oak Choice QM 7/1 LIBOR ARM
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W653
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NewLeaf Oak Choice QM 10/1 LIBOR ARM
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W654
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NewLeaf Oak Choice Non-QM 30 Year Fixed
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W655
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NewLeaf Oak Choice Non-QM 15 Year Fixed
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W656
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NewLeaf Oak Choice Non-QM 30 Year Fixed IO
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W657
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NewLeaf Oak Choice Non-QM 5/1 ARM
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W658
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NewLeaf Oak Choice Non-QM 7/1 ARM
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W659
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NewLeaf Oak Choice Non-QM 10/1 ARM
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W660
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NewLeaf Oak Choice Non-QM 5/1 ARM IO
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W661
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NewLeaf Oak Choice Non-QM 7/1 ARM IO
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W662
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NewLeaf Oak Select Non-QM 30 Year Fixed
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W663
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Copyright © 2017 Skyline Financial Corp. dba NewLeaf Wholesale, Nationwide Mortgage Licensing System (NMLS) Company ID# 12072. Arizona Mortgage Banker License #927740, Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act File No: 4130296, Colorado Registered with Colorado Division of Real Estate, Florida Mortgage Lender/Servicer License No. MLD947 issued by the Florida Office of Financial Regulation, Georgia Mortgage Lender License #42980, Hawaii Licensed by the Hawaii Division of Financial Institutions No. HI-12072, Idaho Licensed by the Idaho Department of Finance MBL-7422, Illinois Residential Mortgage License # MB.6761108, Louisiana Residential Mortgage Lending License, Maryland Mortgage Lender License #21400, Nebraska Mortgage Bank License, New Jersey Residential Mortgage Lender License, New Mexico Financial Institutions Division, Registered Mortgage Company License # 01653, Oregon Mortgage Lender License ML-2797, South Carolina Mortgage Lender / Servicer License MLS #12072, Tennessee Mortgage License #108815, Texas Registered with Texas Department of Savings and Mortgage Lending, Utah Licensed by the Division of Real Estate License # 5318719, Virginia Lender License MC-5861, Washington Consumer Loan Company License CL-12072. This is a business to business communication intended for Real Estate and Lending Professionals only.
Refer to
www.nmlsconsumer.org and input NMLS#12072 to see where Skyline Financial Corp. is a licensed lender.
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