Sun West Product Guidelines - SWMC.com - Sun West Mortgage ...

Sun West Product GuidelinesConventional Jumbo - SO33S00F00Loan ParameterDescriptionOccupancy AllowedOwner OccupiedProperty Type1-2 Unit, CondosLoan Purpose AllowedMinimum Credit ScoreMaximum LTVMaximum CLTVMin. Loan AmountMax. Loan AmountSubordinate FinancingApprovalMaximum Back RatioPurchase, R/T Refi & Cash Out Refi700740 if Cash Out and/or 2 Unit PropertyPurchase & R/T: 80.00% (2-Units: 75.00%)Cash Out: 60.00%Purchase & R/T: 80.00% (2-Units: 75.00%)Cash Out: 60.00%Lesser of $417,001 or Max. County Loan Limit for regular Conventional Loan ProgramPlease refer Maximum County LimitNOT AllowedAUS Only43%(Please refer to Additional DTI Guidelines on Exhibit A)Maximum Front Ratio 43%Max. Number of propertiesFinanced by borrower2 (inclusive of subject)Self EmployedAllowedBankruptcy & ForeclosuresPurchase & R/T: None in past 4 years;Cash Out: No Record of BK or Foreclosure in past 7 years.Mortgage LatesNone in last 24 months on any mortgage.Collection AccountsHousing-expense related Collection accounts within 24 months NOT Allowed. Other Collections (includingMedical) is subject to UW discretion on the file.Appraisal Must be ordered by SWMC 1Repair Escrow Holdback(Minor Repairs)NOT Allowed1 Transfer of Appraisal is NOT allowed on conventional programs for wholesale loans.Date of Revision: June 17, 2011

Exhibit AAdditional DTI GuidelinesDTI Ratio overlay when a Non-Occupying co-applicant is used to qualify the borrower:1. DTI (back-end ratio) calculated without using non-occupying applicant's income must NOT exceed 60%..2. If there is a non-occupying co-borrower, then the proposed rents canNOT be used as income to qualify andthe DTI (back-end ratio) of the occupying borrower must NOT exceed 60%. In addition, the following FHAguideline still applies: The Maximum LTV is 75% for 2 to 4 unit properties if there is a non-occupying coborrower.Date of Revision: June 17, 2011