In accordance to VA Circular 26-20-10 and 26-20-11 that offer temporary flexibilities on VA loans amid the COVID-19 national emergency, Sun West Mortgage Company, Inc. has updated its policy for VA programs to align with the VA guidelines as given below:
Evidence of direct deposit from a bank statement and paystubs covering at least one full month of employment within 30 days of closing date
Bank statements: Borrower’s bank statement evidencing the payroll deposit from the pay period that immediately precedes the note date.
For an applicant impacted by COVID-19 (furlough, curtailment of income); Sun West will not consider a break in employment or income provided the applicant has returned, or is anticipated to return, to work in the same capacity and income levels. If the income is reduced during this period, the most recent income (reduced income) will be used to qualify the borrower if the reduced income is likely to continue.
If either party does not wish to move forward with the interior inspection or do not meet the criteria listed above, the appraisal may be done with an exterior-only appraisal with enhanced assignment conditions.
All the above policies are effective immediately until further notice.
6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884
This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.