Non-FHA Approved Brokers May Originate Nationwide
Dear Valued Partner,
Sun West Mortgage will again offer USDA loans effective immediately.
Last week's announcement by the USDA indicated the agency would only commit to issuing guaranties of loans through December 3, 2010. This limited window for the issuance of guaranties impacts all lenders who offer the USDA loan program. The rationale behind the limited availability of USDA guaranties is that all U.S. government expenditures (except active military/defense) are conditional through December 3, when Congress will need to pass an interim budget (Continuing Resolution) or essentially shut down the U.S. government.
We are, however, optimistic that the USDA product will continue to be available after December 3. The recent midterm election results and market actions support the belief that the Congress will approve an interim budget (Continuing Resolution). We also feel the current Fed public policy of sustained, stimulative U.S. government expenditures is likely to support the approval of an interim budget which will also continue funding for USDA guaranties.
If you have ANY questions, please contact your Account Executive at (800) 453 7884.
Sun West Mortgage Company, Inc.
|This information is provided as information for licensed wholesale brokers only and may not be copied or distributed to customers or potential customers. All loans subject to approval. Certain restrictions may apply. 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