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New Wave Lending Group
New Wave Lending Group

New Wave Lending Group

1199 Fairway Drive, Walnut, CA 91789

https://www.newwavelending.com/

Internal Reviews

(2 reviews)

Total loans closed with Loan Factory
24

Total loans closed with Loan Factory (past 12 months)
6

Lender overview

Basic information

Conventional
Home Ready
Home Possible
FHA
FHA Streamline

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

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

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

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

No

Lender's niche & Overlays

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


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

No Multi-units more than 4 or MIX USED PROPERTY

Lender turn time

1

2

1

Review - New Wave Lending Group

5.0

2 Google Reviews

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