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Sun West's Guideline Update on VA IRRRLs and FHA Streamline Refinances

Dear Licensed Partner,

Effective for loans submitted on or after January 1, 2015, Sun West will accept a mortgage only credit report in lieu of a full credit report on VA IRRRLs and FHA Streamline loans. The mortgage only credit report must be a tri-merged credit report reporting all 3 FICO scores, if available.

Qualifying Credit Score is determined as follows:

  • If the credit report provides 3 credit scores, the middle credit score will be used for each borrower
  • If the credit report provides 2 credit scores, the lowest credit score must be used for each borrower
  • If the credit report provides only 1 credit score that score must be at least 500 for each borrower

In addition to the above, mortgage payment history requirements are updated as follows:

NON-JUMBO LOANS
Available Mortgage History Requirements
Less than 12 Months  All mortgage payments must have been made within the month due 
12 Months or more 
  • No more than one 30-day late allowed in last 12 months 
  • All mortgage payments in the last 3 months from the application date must have been made within the month due 
JUMBO LOANS
Available Mortgage History  Requirements 
Less than 12 Months  All mortgage payments must have been made within the month due
12 Months or more  No 30-day late allowed in the last 12 months from the application date 

A full credit report reflecting mortgage payment history will continue to be acceptable. 

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.