Product Overlay Matrix - SWMC.com - Sun West Mortgage Company ...

PRIME FHA Jumbo - SO41S00F00Loan Purpose • Purchase• Rate & Term Refinance• Cash-Out Refinance (Not available in Texas)Amortization Term • Fixed Rate: 30 Years• Streamline Refinance (Sun West offers Streamline Refinance as a separate product. PleaseClick Here to view FHA Streamline Refinance guidelines.)• Adjustable Rate: 5/1Occupancy • Owner-occupied properties onlyEligible Properties • Attached / Detached SFRs• PUDs• HUD-approved Condos• 2-4 UnitsCredit ScoresLoan PurposeLoan ScenarioMinimumFICOPurchasesRate & TermRefinancesCash-Out RefinancesHousing Payment Shock 20% 680All Rate and Term Refinances 660LTV 75% 720All Loan Purposes 2-4 Units 680Note:• Non-traditional credit is not allowed.• The FICO requirement for borrowers using Down Payment Assistance (DPA) program is680 and borrower must have 3 months’ reserves.• If bankruptcy, foreclosure, short sale or deed in lieu appears on credit report or publicrecords, then the minimum FICO required is 680 or as per the above matrix, whichever ishigher.Approval TypeSelf EmployedDU Approve/Eligible or LP Accept/Eligible only.AllowedMortgage Lates • None in last 24 months on any mortgageCollection Accounts • Housing-expense related collection accounts within 24 months are not allowed.• Other collections (including medical) are subject to UW discretion on the file.Housing PaymentShockThis guideline is applicable to Purchase transactions only. Housing Payment Shock is calculated asthe difference between the new housing payment and existing housing payment divided by existinghousing payment times 100. Existing housing payment must be documented.Loan ScenarioMaximum HousingPayment Shock660