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

PRIME VA Mega Jumbo Loan Program - SO32O00O00Locks are allowed on this program only upon underwriting approvalLoan Purpose • PurchaseAmortization Term • Fixed Rate: 25 Years and 30 Years• Adjustable Rate: 5/1Occupancy • Owner-occupied properties onlyEligible Properties • Attached / Detached SFRs• PUDsCredit ScoresLoan PurposeLoan ScenarioMinimumFICOPurchasesLess than or equal to $1.5 Million 740Greater than $1.5 Million but Less than or equal to $3.0 Million 780Note:• Non-traditional credit is not allowed.• If bankruptcy, foreclosure, short sale or deed in lieu appears on credit report, then theborrower is ineligible.AppraisalApproval TypeSelf EmployedMortgage Lates• Less than or equal to $1.5 Million: 1 Full appraisal ordered by Sun West Mortgage.• Greater than $1.5 Million but Less than or equal to $3.0 Million 2 Full appraisals ordered bySun West Mortgage.DU Approve/Eligible or LP Accept/Eligible only. Manual underwriting is not acceptable.AllowedNone in last 36 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 PaymentShockSubordinate FinancingLTV / CLTVSubject to SWMC approval.Not AllowedLoan Amount LTV CLTVLess than or equal to $1.0 Million(85% / 85% for all areas except those in Market Recovery Area List)Greater than $1.0 Million but Less than or equal to $1.5 Million(80% / 80% for all areas except those in Market Recovery Area List)Greater than $1.5 Million but Less than or equal to $2.0 Million(75% / 75% for all areas except those in Market Recovery Area List)Greater than $2.0 Million but Less than or equal to $3.0 Million(70% / 70% for all areas except those in Market Recovery Area List)90% NA85% NA80% NA75% NAMaximum LoanAmountMinimum EntitlementGuarantee$3,000,000Veteran must have full entitlement available or additional down payment may be required.Minimum Reserves • Less than or equal to $1.5 Million: 6 months PITIA• Greater than $1.5 Million but Less than or equal to $3.0 Million: 12 months PITIA• Additional 3 months PITI reserves for every investment propertyMaximum DTI Ratios 32%/40%Flip WaiverEscrow Holdback forMinor RepairsMarket Recovery AreaListPermitted, please see flip guidelines in the VA product guidelines.Not allowedCA Counties: Contra Costa, Los Angeles, San Benito, San Francisco, San Mateo, Santa Clara,Alameda, Marin, OrangeHI Counties: Hawaii, Honolulu, Kalawao, Kauai, MauiMD Counties: Prince George's, Calvert, Charles, Frederick, MontgomeryNJ Counties: Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic,Somerset, Sussex, UnionNY Counties: New York, Bronx, Kings, Nassau, Putnam, Queens, Richmond, Rockland, Suffolk,Westchester25