Additional Reduced Overlays for FHA Streamlines
Dear Valued Partner,
Sun West has further simplified requirements for FHA Streamline refinance loans! Borrowers with a FICO greater than or equal to 680 are exempt from all credit qualifying overlays.
Effective immediately, all FHA Streamline refinance transactions with a FICO less than 680 no longer require income qualification if the borrower has three months of PITI liquid reserves:
If the borrower acquired the property prior to May 1, 2010, the maximum AVM based LTV guideline of 125% continues to apply.
If you have your own AVM account with RELS or CoreLogic GeoAVM Core Cascade, you may order your own AVM and submit the AVM report to Sun West. Additionally, you have the option to place orders for the AVM through the "Vendor Order" screen in SunSOFT. You may need to order an Exterior-Only Appraisal through SunSOFT, if the AVM results are not available for that property.
If you have any questions, please feel free to call on your Account Executive at (800) 453-7884.
Sun West Mortgage Company, Inc.
|This information is provided to licensed wholesale brokers only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.
Sun West Mortgage Company, Inc. (NMLS ID 3277) is licensed by the Department of Corporations as a California Finance Lender (License #603 0119) and is licensed by the Department of Real Estate (License #00793885). Refer to www.swmc.com to see where SWMC is a licensed lender. In all states, the principal licensed office of Sun West Mortgage Company, Inc. is 18303, Gridley Road in Cerritos, CA 90703; Phone: (800) 453-7884