New Single Family Housing Policy Handbook and Updated Underwriting Guidelines for FHA Loans
Dear Licensed Partner,
In preparation for the new Single Family Housing Policy Handbook (4000.1) from the U.S. Department of Housing and Urban Development (HUD), Sun West is updating its guidelines for FHA loans and will be rolling out periodic updates pertaining to the new Handbook.
Sun West will follow applicable guidelines from the new Handbook (4000.1) for all loans with FHA case number assignment dates on or after September 14, 2015. Sun West will continue to honor existing guidelines from Handbook 4155.1 for all loans with FHA case number assignment dates prior to September 14, 2015.
Sun West is providing the requirements below ahead of time to avoid delays in underwriting per the new Handbook.
A) The underwriting guidelines below will be effective for all FHA loans submitted to Sun West with FHA case number assignment dates on or after September 14, 2015. Specifically, the new Handbook requirements pertaining to the signed initial application and additional requirements related to the non-borrowing spouse must be met before the loan can proceed to underwriting and closing. Handbook 4155.1 does not have specific requirements in regards to the following updates.
B) The purchase contract guidelines below will be effective for all FHA loans submitted to Sun West with FHA case number assignment dates on or after September 14, 2015. Sun West is advising our partners to inform all real estate agents and parties involved of these requirements to ensure that the purchase contract is in compliance.
C) The guidelines below provide additional clarification on existing handbook requirements that are currently in effect.
Sun West will provide further updates pertaining to the new Handbook as they become available.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.
This information is provided to licensed brokers/lenders 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.