New Wave Lending Group

Basic information

QM program

• Conventional
• Home Ready
• Home Possible
• FHA
• FHA Streamline

Loss payee

New Wave Lending Group, Inc. a California Corporation Its Successors and/or Assigns 1199 Fairway Drive, City of Industry, CA 91789

CPL or subordinate clause

New Wave Lending Group, Inc. a California Corporation Its Successors and/or Assigns 1199 Fairway Drive, City of Industry, CA 91789

Lock policies & fees

Lock policies

Lock extension

0.125 cost for 2 days 025 cost for 7 days contact AE for negotiation

Relock

relock fee 0.25 + worse scenario pricing apply, please contact AE to negotiate

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Allow lender credit to cover BPC, 100% for Refinance Primary

Non-QM - VOE, PNL only program

• LTV can go up to 80%, Loan amount up to $3MM (easiest VOE/PNL program on the market)
• No large deposit needs to be sourced if borrower is PR or Citizen
• Non-permanent resident with EAD or working authorized visa is allowed (C08, A05 also allowed, but with sourcing of large deposit)
• No credit tradeline required if the borrower has 3 credit score
• Gift is allowed 100% for downpayment, closing cost, reserve. Investment property allowed
• No limit for cash in hand

Non-QM -self prepared PNL program

           Max DTI 45% MAX LTV 70%

Non-QM - DSCR

• Foreign National allowed (MAX loan amount $1.5 million)- ratio above 1(max LTV 70%), ratio below 1 or no ratio (max LTV 65%)

• Non Permanent Resident - Valid EAD, E3, H1B, L, O and P with work authorization and  DACA allowed

• No DTI, only DSCR is used for eligibility.

• Actual Rent > Market rent - Max rent can be used is either the actual rent or 120% of the market rent which is lower

• No large deposit needs to be sourced

• Gift is allowed once 10% minimum borrower contribution met, No gift for Non permanent resident and foreign nationals

• No License needed for AR, CO, CT, DC, HI, IL, IN, KS, KY, ME, MD, MO, NH, NY, OH, OK, SC, TX, WA, WI, WY

• Allow ratio below 1 or no ratio ( DSCR < 0.75 is also good to go)

Non-QM - 12/24 months bank statement program 

• SEA program - LTV up to 80%, Min FICO 620 with Max DTI 55% - No borrower minimum contribution required
• EP program - Interest Only option available, Purchase LTV up to 80%, cash out up to 80%, No MI required and Gift funds allowed

Conforming / High Balance 

• Non occupant co-borrower allowed 

• Based on AUS decision with NO OVERLAY

• Salary borrower without using Schedule E income can only pull W2 transcript

• Gift can be used on Reserve and Closing

• Parent Home

• Limited Condo Review if Applies

• Asylee Visa, DACA Visa F1/OPT Visa allowed - might apply 2nd page pricing 

Jumbo Express

• Max LTV 89.99%, Min FICO 660 Max DTI 45%

• First Time Home Buyer Allowed - Max LTV 80% with Max Loan Amount $2MM

• Housing History 0x30x24, but Living Rent Free with LOE allowed 

• Non occupant co-borrower is allowed

• Mortgage Insurance Not Required, No Impound Required except property is in flood zone

First Time Home Buyer with LLPA Waiver

• Primary Home Only

• Qualifying Income is 100% or less of the area median income where the property is located or 120% in high-cost areas

• AMI look-up tool   https://ami-lookup-tool.fanniemae.com/amilookuptool/

2nd Lien - Closed End Second - allow full docs, bank statement, voe/pnl (primary only) and dscr 

Lender's overlays

No Multi-units more than 4 or MIX USED PROPERTY

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

2

Initial CD (days)

1

Reviews