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

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PRIME USDA LOAN PROGRAMPRIME USDA Fixed Rate Product - SD61S00F00Loan Purpose • Purchase• Rate & Term RefinanceAmortization Term • Fixed Rate: 30 YearsOccupancy • Owner-occupied properties onlyEligible Properties • Attached / Detached SFRs• PUDs• CondosCredit ScoresLoanPurposeLoan ScenarioMinimumFICODTI Back Ratio < 43 and Housing Payment Shock < 20% 640PurchasesDTI Back Ratio 20% 640DTI Back Ratio > 43 and Housing Payment Shock 43 and Housing Payment Shock > 20% 680Rate & TermRefinancesAll Rate & Term Refinances 640Note: Non-traditional credit is not allowed.Approval TypeSelf EmployedBankruptcy &ForeclosuresMortgage LatesGUS Approval Only.Allowed• None in past 4 years• If bankruptcy, foreclosure, short sale or deed in lieu appears on credit report or publicrecords, then the minimum FICO required is 680.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 fileHousing Payment ShockThis guideline is applicable to Purchase transactions only. Housing Payment Shock is calculatedas the difference between the new housing payment and existing housing payment divided byexisting housing payment times 100. Existing housing payment must be documented.Loan ScenarioMaximum HousingPayment Shock640 43NASubordinate FinancingLTV / CLTVNot allowedLoan Purpose LTV CLTVPurchase 100% NARate & Term Refinance 100% NAMaximum Loan Amount • $417,000 or maximum county limitMaximum Number ofProperties Financed byborrowerPITI Reserves• 1 (Subject property only)3 months’ reserves, excluding Gift Funds, required for First Time Home Buyer if HousingPayment Shock > 20% and FICO < 680 and DTI Back Ratio is > 43Maximum DTI RatiosLoan ScenarioMax. FrontRatioMax. BackRatioFICO => 640 and Housing Payment Shock 680 and Housing Payment Shock > 20% 36 50Note: When a non-occupying co-applicant is used to qualify the borrower:• DTI Back Ratio calculated without using non-occupying applicant's income must not exceed60.26
Flip WaiverPermitting under following conditions:• A property inspection report ordered by SWMC is must. If the borrower chooses to obtainone, SWMC can utilize such borrower-ordered inspection report.• Prior transfers will be carefully reviewed to ensure the values of the transfers represent abenefit to the borrower. The transfers should be arm’s length and not flipped to set falsevalue trends.• A second (conventional) appraisal may be required and ordered by SWMC, if the sale priceof the property is 20% or more than the seller’s acquisition cost.27
Page 1 and 2: Product Overlay MatrixSun West Mort
Page 3 and 4: EXPRESS FHA LOAN PROGRAMSEXPRESS St
Page 5 and 6: EXPRESS FHA 203(K) - XP11S00O00Loan
Page 7 and 8: Express FHA Property Flip Waiver -
Page 9 and 10: PRIME FHA LOAN PROGRAMSPrime Standa
Page 11 and 12: PRIME FHA Manufactured Housing - AA
Page 13 and 14: PRIME FHA Jumbo - SO41S00F00Loan Pu
Page 15 and 16: PRIME FHA Streamline RefinanceLoan
Page 17 and 18: PRIME FHA 203(K) - AA11S00O00 & FHA
Page 19 and 20: 203(K) Self-HelpTypes of Repairstha
Page 21 and 22: Gift Funds • FICO greater than or
Page 23 and 24: PITI Reserves • 3 months’ reser
Page 25 and 26: PRIME VA (Jumbo) Loan Program - SO3
Page 27: PRIME VA Mega Jumbo Loan Program -

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

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