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Updated Guidelines for FHA Streamline Refinances
|
Loan To Value of the AVM |
|
LTV < 100% |
No credit qualification required |
LTV > 100% |
Requires credit qualification |
LTV >= 125% |
Not acceptable |
Debt To Income Ratio (DTI) |
|
Credit Qualification Caps |
Examples of Exceptions |
Max Front/Back DTI Allowed: 45/55 *Unless program indicates lower DTI |
Manufactured and Jumbo Loans |
AVM Requirements
SWMC requires an AVM Report for all FHA Streamline loans. Upon review of the AVM, at SWMC's discretion, if a fair value cannot be determined, an Exterior-Only Appraisal will be required.
You may place orders for the AVM and/or the Exterior-Only Appraisal through the "Vendor Order" screen in SunSOFT®.
Income Qualification Guidelines for Self-Employed Borrowers
Requirement (s) |
Income Decrease of 10%-20% |
Income Decrease beyond 20% |
|
Qualifying Income |
Proof of 2-year work history based on 2-year tax returns |
Use most recent tax year *unless the sourced income is additional to the borrower's primary income |
Not acceptable |
If you have any questions, please feel free to call on your Account Executive at (800) 453-7884.
Sincerely,
Sun West Mortgage Company, Inc.
18303 Gridley Road
Cerritos, CA 90703
Phone : (800) 453-7884