Sun West Announces Relaxed Guidelines for FHA Streamline Refinances
Dear Valued Partner,
Good News! HUD has simplified FHA Streamline monitoring. Pursuant to HUD's press release, streamlined refinances will be removed from the public compare ratio in Neighborhood Watch. Sun West is proud to support HUD's efforts to provide relief to homeowners. Effective immediately, FHA Streamline loans with a credit score of 680 or higher are exempt from income and credit qualification guidelines.
If the borrower acquired the property prior to May 1, 2010, the maximum AVM based LTV guidelines of 125% continue to apply.
Please note SWMC's minimum FICO requirements continue to apply for all Streamline transactions.
For credit qualifying FHA Streamline loans with a FICO below 680, the following DTI caps still apply.
Documentation Required for a Streamline Refinance:
You may place orders for the AVM (we accept RELS and Corelogic) or the Exterior-Only Appraisal, through the "Vendor Order" screen in SunSOFT. You only need to order an Exterior-Only Appraisal if the AVM results are not available.
If you have any questions, please feel free to call on your Account Executive at (800) 453-7884.
Sun West Mortgage Company, Inc.
|This information is provided to licensed wholesale brokers only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.
Sun West Mortgage Company, Inc. (NMLS ID 3277) is licensed by the Department of Corporations as a California Finance Lender (License #603 0119) and is licensed by the Department of Real Estate (License #00793885). Refer to www.swmc.com to see where SWMC is a licensed lender. In all states, the principal licensed office of Sun West Mortgage Company, Inc. is 18303, Gridley Road in Cerritos, CA 90703; Phone: (800) 453-7884