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

PRIME FHA 203(K) - AA11S00O00 & FHA 203(K) Jumbo - SM32S00F00Loan Purpose • Purchase• Rate & Term RefinanceAmortization Term • Fixed Rate: 30 YearsOccupancy • Owner-occupied properties onlyEligible Properties • Attached / Detached SFRs• PUDs• HUD-approved Condos• Manufactured Housing• 2-4 UnitsCredit ScoresLoan PurposeLoan ScenarioMinimumFICODTI Back Ratio 20% 680HUD Repo with Down Payment < 3.5% 680Rehabilitation amount > 40% of loan amount calculated atafter-improved value720DTI Back Ratio 43 640Rehabilitation amount > 40% of loan amount calculated atafter-improved value720All Loan Purposes 2-4 Units 680Note:• Non-traditional credit is not allowed.• The FICO requirement for borrowers using Down Payment Assistance (DPA) program is 680and 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.• Additions and utility replacement and/or reconditioning require a minimum 740 FICOApproval TypeSelf EmployedDU Approve/Eligible only.AllowedMortgage Lates • None in last 24 months on any mortgageCollectionAccountsHousing PaymentShock• Housing-expense related collection accounts within 24 months are not allowed.• Other collections (including medical) are subject to UW discretion on the file.This guideline is applicable to Purchase transactions only. Housing Payment Shock is calculated as thedifference between the new housing payment and existing housing payment divided by existinghousing payment times 100. Existing housing payment must be documented.Loan ScenarioMaximum HousingPayment Shock620 43 20%FICO => 680 and DTI Back Ratio > 43N/ASubordinateFinancingLTV / CLTVAllowedLoan Purpose LTV CLTVPurchase 96.5% 100% 1Rate & Term Refinance 97.75% 97.75%•1 CLTV allowed is 105% for purchases, if using a Govt. Down Payment Assistance Program.• Maximum LTV for 2-4 unit properties, with non-occupying co-borrower, is 75%.MinimumBorrowerContribution3.5% is required from borrower(s) “own” funds for FHA 203(K) Jumbo15