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FREQUENTLY ASKED QUESTIONS

What loan programs do you have available?
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Do you have a “stated doc” program?
WE HAVE a stated income program that requires limited documentation.

Do you consider the FICO scores when underwriting the loan?
NO! Low FICO scores are not a problem. All underwriting of Owner Occupied “Foreclosure and Bailout Loans” must begin with the question: Will the borrowers benefit from this loan?

What is your maximum DTI ratio?
50%! If the borrower’s income does not pass the 50% test, we may possibly be able to do the loan as long as the borrower is able to articulate a clear financial plan that includes marketing the property if need be.

What is your maximum LTV?
75%! NewPoint Lending will loan up to 75% of the appraised value, including our fees and costs. If the LTV is over the 75% threshold, the borrower may bring in funds to qualify for the loan.

Can you refinance a home that is currently in foreclosure?
YES! NewPoint Lending can process a refinance during all stages of the foreclosure proceedings, up to the end of the owner’s redemption period.

What if the Intent to Redeem has been filed with the Public Trustee, but there is only about 10 days of the redemption period left?
WE CAN give you loan approval as promptly as 24 hours after we have received your complete documentation package. Our in house underwriting allows us to approve loans in as little as 24 hours. Closing can take place within 5 days of approval

Can you refinance a borrower that is currently in Chapter 13 Bankruptcy?
YES! Just have the bankruptcy attorney file a “Motion to Incur New Debt” with the Bankruptcy Trustee. As soon as approval from the Trustee has been obtained, we can close the loan.