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97% LTV for First Time Homebuyers on Conventional Loans
(Applicable to Correspondent Channel)

Dear Licensed Partner,

Effective December 22, 2014, Sun West will accept conventional loans up to 97% LTV for Purchase and Limited Cash-Out Refinance transactions in accordance with the extension of LTV limit by Fannie Mae.

Loans with 97% LTV will be offered through Conventional fixed product (SO22S00F00) and are subject to below-mentioned points in addition to the existing guidelines of Conventional fixed product:

Loan Purpose  Purchase*, Limited cash Out Refinance**
AUS Approval Type DU Only (Manual Underwriting Not Allowed)
Minimum FICO 660
Occupancy Owner Occupied
Eligible Property SFR, PUD or Condo only. (Manufactured Home Not Allowed)
Amortization Fixed 30 years only (ARM Not Allowed)
Maximum Loan Amount  Conventional Conforming Loan Limit
MI Coverage  35% Coverage (Approved MI companies include Essent Guaranty, Genworth, MGIC, Radian and UGIC)
Ineligible Transaction

Home Style Renovation Program

*At least one of the borrowers must be First Time Home Buyer;

**The previous mortgage must be owned by Fannie Mae; Click here to verify if previous mortgage is owned by Fannie Mae.

Our product guidelines have been updated to incorporate the above changes. Please click here to view the product guidelines.

If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.

Sincerely,

Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
SW-1: Our New No Overlays Program

 

Equal Housing Opportunity 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.