97% LTV for First Time Homebuyers on Conventional Loans
|Loan Purpose||Purchase*, Limited cash Out Refinance**|
|AUS Approval Type||DU Only (Manual Underwriting Not Allowed)|
|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)|
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.
|Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884