Call Scott: 302-684-3932

General

Q. How fast can we have a pre-approval after completing on-line or face to face loan application?
A. My team can issue a pre-approval in less than 24 hours.
Q. What is the minimum down payment?
A. The down payment can vary depending on program and occupancy (primary or 2nd home). New Penn has products with zero down payment or 100% financing. Second homes require a minimum of 10% down.
Q. How long does the process take for a purchase and a refinance?
A. New Penn is a direct lender and we can have your transaction closed in less than 30 days. We have closed purchase transactions for some of our building partners in less than two weeks.
Q. What are the costs associated with a purchase?
A. Closing cost in Sussex County, Delaware will range from 2%-5%. These fees may include, but are not limited to, things such as appraisal costs, document preparation, attorney fees, transfer tax & lender/owner's title insurance. A detailed closing cost illustration can be provided before making your purchase or moving forward with your refinance.
Q. Is the process different for purchasing a condo compared to a single family home?
A. The qualifying portion for the borrower remains the same but there are steps we as a lender must go through to ensure the condo is in a good financial position before we can fund in a certain project. I am well versed in condo financing and can answer any questions you have about many of the projects here at the beach.
Q. Is the process different for self-employed borrowers?
A. I work with many self-employed borrowers. A self-employed borrower will require additional documentation and if the income & credit meet guidelines we can move forward with financing.
Q. How do you calculate LTV or loan-to-value ratio?
A. The loan-to-value (LTV) ratio of your home is calculated by dividing the fair market value of your home by the amount of your home loan.

         
Corporate NMLS#: 3013 © 2017 New Penn Financial, LLC. All Rights Reserved
19269 Coastal Highway, Suite 1 Rehoboth Beach, DE 19971
Email: sdostal@newpennfinancial.com
Phone: 302-684-3932