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