Dear Valued Partner,
Unless subsequent regulation is passed to further extend the temporary loan limits, the permanent loan limits set forth by the Housing and Economic Recovery Act (HERA) will take effect on October 1, 2011. Sun West will use the trigger dates set by the GSEs, VA and HUD to determine the respective maximum loans limits for each loan product.
For Correspondent Lender Partners:
The above table illustrates the trigger date that defines the loan limits for various loan programs such as Fannie Mae, Ginnie Mae, FHA and VA.
*FHA loans – The Final Credit Approval Date:
All FHA loans originated with Temporary loan limits established under ARRA and delivered to Sun West for purchase, must have a credit approval on or before September 30, 2011 and comply with the loan specific requirements specified in HUD ML 11-29. The credit approval must meet the following criteria:
For Wholesale / TPO Partners:
The above table illustrates the trigger date that defines the loan limits for various loan programs such as Fannie Mae, Ginnie Mae, FHA and VA. Please be advised that if a loan fails to close by the trigger dates listed above, the loan approvals would require to be reviewed/revised which may result in:
Sun West will make every attempt to ensure that current loans in the pipeline, which would be affected by the change in Loan Limits, close within the deadline dates.
If you have any questions, please feel free to call on your Account Executive at (800) 453-7884.
Sun West Mortgage Company, Inc.
|All products are subject to credit and property approval. Program terms and conditions subject to change without prior notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. The content in this flyer is for informational purposes only and not meant for legal, tax or professional accounting advice.
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 towww.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