USDA Streamline Assisted Refinance
(Applicable to Correspondent Channel)
Dear Licensed Partner,
Sun West Mortgage Company, Inc. ("SWMC") is pleased to add the USDA Streamline Assisted Refinance program into our product-line immediately.
USDA Streamline Assisted Refinance:
- "Streamline - Assisted", is a new refinancing option which replaces previous USDA Pilot Refinance program feature. Properties that were previously in ineligible states in USDA Pilot Refinance are now eligible in USDA Streamlined-Assist Refinance.
- The streamlined-assist refinance has no requirement for an appraisal, a credit report, or the calculation of debt-to-income ratios, as long as the borrower meets the USDA requirements and has been current on the existing mortgage for the previous 12 months. Sun West accepts the mortgage only credit report to verify the mortgage payment history requirement.
- The net tangible benefit is defined as a reduction of at least $50 reduction in a new PI (principal and interest) and annual fee as compared to current PI (principal and interest) and annual fee payment and new interest rate cannot exceed current interest rate.
- Maximum loan amount for streamline assisted refinance may include sum of Unpaid Principal & Accrued Interest, allowable closing cost, Prepaid tax and insurance and Upfront Guaranty fee. Allowable closing costs include the actual cost of credit reports, the loan origination fee, settlement fee, deposit verification fees, document preparation fees (if performed by a third party not controlled by the lender), and other reasonable and customary costs as determined by Rural Development.
- Maximum loan amount cannot exceed the original loan amount at time of purchase of the property.
- Property must be owner occupied.
- Income verification required to verify borrower meets USDA annual household income eligibility.
Click here to refer to the comparison table by USDA for all refinance option.
Click here to access SWMC program guidelines and overlay for USDA Streamline Assisted Refinance.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.
|Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
This information is provided to licensed brokers/lenders 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.