R.E.A.L: CREDIT ADVANTAGE PROGRAM

Transcription

1 R.E.A.L: CREDIT ADVANTAGE PROGRAM Prgram Summary: Prgram Type Grade A Grade B Grade B- Grade C 12 Mnth Husing Histry 1X30 0X60 0X90 1X120 Freclsure # Nne in prir 2 years Nne in prir 2 years Nne in 12 mnths Shrt Sale/ Deedin-Lieu # Nne in prir 2 years Nne in prir 2 years Bankruptcy (Chapter 13 Discharged) # Nne in prir 12 mnths f applicatin. Bankruptcy (Other) # Nne in prir 2 years Nne in prir 2 years f applicatin. f applicatin. Nne in prir 12 mnths f applicatin. f applicatin. f applicatin. f applicatin. Min FICO Max LTV: Purchase and Rate & Term 90% 85% 85% 70% Max LTV: Cash ut 85% 80%* 80%* 65% (70% fr debt cnslidatin) Max CLTV 90% 90% 85% 70% Max Lan Amunt $5M $1.5M $1.0M $1.0M Dc Type Full Dc: 12/24 mnths Bank Statement: 12/24 mnths Full Dc: 12/24 mnths Bank Statement: 12/24 mnths Full Dc: 12/24 mnths Bank Statement: 24 mnths Full Dc: 24 mnths Interest Only Allwed Allwed Nt Allwed Nt Allwed First Time Hme Buyer Allwed Allwed Allwed Nt Allwed Occupancy Type Primary Residence / Secnd Hme Primary Residence / Secnd Hme * With Debt-Cnslidatin, maximum allwed LTV is 85%. Primary Residence / Secnd Hme # Fr Freign Natinal, waiting perid is 3 yrs frm mnth & year f discharge t the nte date. Primary Residence nly This infrmatin is prvided t licensed Mrtgage Lan Originating Entities nly and may nt be cpied r distributed t custmers r ptential custmers. All lans are subject t apprval. Certain restrictins may apply. Prgram rates, prices, guidelines, fees, csts, terms and cnditins are subject t change withut ntice. Sun West Mrtgage Cmpany, Inc. (NMLS ID 3277) is licensed by the Department f Business Oversight as a Califrnia Finance Lender (License # ) and is licensed by the Bureau f Real Estate (License # ). Refer t t see where SWMC is a licensed lender. In all states, the principal licensed ffice f Sun West Mrtgage Cmpany, Inc. is 6131 Orangethrpe Ave. Suite 500, Buena Park, CA 90620; Phne: (800) Sun West Mrtgage Cmpany, Inc. Versin 10.3 Page 20 f 45

2 Prduct cde Credit Advantage Grade A : SUNNPM0057 Credit Advantage Grade B : SUNNPM0058 Credit Advantage Grade B- : SUNNPM0059 Credit Advantage Grade C : SUNNPM0060 Lan Purpse Purchase Rate and Term* Cash Refinance / Debt-Cnslidatin* *Cash back t brrwer n rate and term refinance may nt exceed the lwer f 2% f lan amunt r $5,000. Occupancy Primary Residence and Secnd Hme Eligible State AL, AR, AZ, CA, CO, CT, DE, FL, HI, ID, IL, IN, KS, LA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NJ, NM, NV, NY, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI, WY and DC Amrtizatin Term Prepayment Penalty Autmated Clearing Huse (ACH) requirement Eligible Prperties Eligible Brrwers Fixed: 15 years and 30 years amrtizatin ARM: 5/1 and 7/1 ARM 30 years amrtizatin Interest Only feature is available with 10 years I/O perid and 20 years and 30 years repayment perid. Available with bth FRM and ARM. Nt allwed An executed Autmatic Debit Payment Agreement (ACH frm) frm U.S. bank fr mrtgage payments Attached / Detached SFRs 2-4 unit prperty PUD, Warrantable Cnd Twnhmes Nn Warrantable Cnd (Only allwed against prir apprval) U.S. Citizens Permanent Resident Aliens Nn-Permanent Resident Alien Freign Natinal (Secnd Hme Only) Nn Occupying C-brrwers are allwed if fllwing criteria is met: Full Dc, purchase transactin nly. C-brrwer must be immediate family members Occupying brrwer(s) must have a DTI rati f 55% r less. Excluding incme/debts f nnccupant brrwer Cmpliance Escrws required fr taxes and insurance Minimum Lan Amunt Minimum FICO Required Ttal Pints and Fees must be less than 5% Cmpliance with all applicable Federal and State regulatins Fully dcumented ability-t-repay Sectin 32 r state high cst lan is nt allwed $100, , Credit scre must be reprted Fr Freign Natinal: 620 r Freign Credit Maximum DTI Ratis 43% DTI ratis may g up t 50% with Full Dc 24 mnths / Bank Statement 24 mnths. DTI ratis may g up t 55% prvided all f the fllwing requirements are met: 24 mnths Full Dc nly 12 mnths PITIA reserves Maximum LTV/CLTV is 80% Primary Residence nly First Time Hme Buyers are nt permitted Purchase, Rate & Term Refinance and Debt Cnslidatin nly. Residual incme required is $3000 plus $250 fr the first dependent and $125 fr each additinal dependent. This infrmatin is prvided t licensed Mrtgage Lan Originating Entities nly and may nt be cpied r distributed t custmers r ptential custmers. All lans are subject t apprval. Certain restrictins may apply. Prgram rates, prices, guidelines, fees, csts, terms and cnditins are subject t change withut ntice. Sun West Mrtgage Cmpany, Inc. (NMLS ID 3277) is licensed by the Department f Business Oversight as a Califrnia Finance Lender (License # ) and is licensed by the Bureau f Real Estate (License # ). Refer t t see where SWMC is a licensed lender. In all states, the principal licensed ffice f Sun West Mrtgage Cmpany, Inc. is 6131 Orangethrpe Ave. Suite 500, Buena Park, CA 90620; Phne: (800) Sun West Mrtgage Cmpany, Inc. Versin 10.3 Page 21 f 45

3 Minimum trade-line t establish credit histry Cnsumer Late Standard Trade lines At least three (3) trade lines pen and reprting fr a minimum f 12- mnths with activity in the last 12- mnths, r At least tw (2) trade lines pen and reprting fr a minimum f 24-mnths with activity in the last 12- mnths Nte: Unacceptable Trade lines: nn-traditinal credit as defined by Fannie Mae, any liabilities in deferment status, accunts discharged thrugh bankruptcy, authrized user accunts, charge-ffs, cllectin accunts, freclsures, deed in lieu f freclsure, shrt sales, r pre-freclsure sales Limited Trade lines: If Standard Trade lines requirements are nt met and the brrwer has a valid credit scre, all f the fllwing restrictins apply: Max LTV/CLTV f 75% A 10% dwn payment has been made by the brrwer frm their wn resurces Primary residences nly Full Dcs nly. Any nn-mrtgage accunt can be n mre than 30-days delinquent at time f applicatin. Any delinquent accunt must either be brught current r paid ff at clsing. If a shrt sale, deed in lieu f freclsure, r freclsure has ccurred within last 12 mnths, n mre than 1*30*6 is allwed n each revlving accunt and n mre than 1*30*12 is allwed n each installment debt accunt. Residual Incme Residual incme f $1,250 is required. $250 is required fr the first dependent and $125 required fr each additinal dependent. Fr Secnd Hme: Residual incme f $2,500 is required. $250 is required fr the first dependent and $125 required fr each additinal dependent. Residual Incme = Grss Mnthly Incme Ttal Mnthly Obligatins LTV / CLTV Ntes: Lan amunt between $100,000 t 149,999 is allwed with maximum LTV 80% r as per LTV matrix, whichever is lwer. Maximum LTV fr I/O is 85% r lwer as per matrix. Minimum FICO required is 580. Maximum LTV fr Cnd is 80% r lwer as per matrix. Maximum LTV fr 2-4 units is 80% r lwer as per matrix. Maximum LTV fr rural prperties is limited t 80% r lwer as per matrix. Maximum LTV fr Secnd Hme is limited t 80% r lwer as per matrix. Maximum lan amunt fr nn warrantable cnd is $1.5M. Fr Rate and term transactin, reserves requirements can be waived prvided mnthly payments are reduced by at least 10% and n mre than 1*30 late in prir 12 mnths. DTI ratis must be up t 50%. Maximum LTV with Asset Utilizatin is 75%. Full Dcs: Fr Freign Natinal brrwer; Max LTV allwed 70% fr Cnd, 2-4 unit and Lan amunt <$150,000 FICO 720 r Abve 680 t 719 Minimum Lan Amunt Maximum Lan Amunt Reserves (in mnths) 24 mnths Full Dcs 12 mnths Full Dcs Rate & term Rate & term $100,000 $1,000, $1,000,001 $1,500, $2,000,001 $3,000, $3,000,001 $4,000, $4,000,001 $5,000, $100,000 $1,000, $1,000,001 $1,500, $2,000,001 $3,000, $3,000,001 $4,000, $4,000,001 $5,000, This infrmatin is prvided t licensed Mrtgage Lan Originating Entities nly and may nt be cpied r distributed t custmers r ptential custmers. All lans are subject t apprval. Certain restrictins may apply. Prgram rates, prices, guidelines, fees, csts, terms and cnditins are subject t change withut ntice. Sun West Mrtgage Cmpany, Inc. (NMLS ID 3277) is licensed by the Department f Business Oversight as a Califrnia Finance Lender (License # ) and is licensed by the Bureau f Real Estate (License # ). Refer t t see where SWMC is a licensed lender. In all states, the principal licensed ffice f Sun West Mrtgage Cmpany, Inc. is 6131 Orangethrpe Ave. Suite 500, Buena Park, CA 90620; Phne: (800) Sun West Mrtgage Cmpany, Inc. Versin 10.3 Page 22 f 45

4 FICO 660 t t t Minimum Lan Amunt Bank Statements: Maximum Lan Amunt Reserves (in mnths) 24 mnths Full Dcs 12 mnths Full Dcs Rate & Term Rate & Term $100,000 $1,000, $1,000,001 $1,500, $100,000 $1,000, $1,500,001 $2,000, $100,000 $1,000, $1,000,001 $1,500, $100,000 $1,000, NA NA $1,000,001 $1,500, NA NA $100,000 $1,000, NA NA $1,000,001 $1,500, NA NA $100,000 $1,000, NA NA FICO 720 r Abve 680 t t t t Minimum Lan Amunt Maximum Lan Amunt Reserves (in mnths) 24 mnths Bank Statements Rate & term 12 mnths Bank Statements (Persnal) Rate & term $100,000 $1,000, $2,000,001 $3,000, $3,000,001 $4,000, $4,000,001 $5,000, $100,000 $1,000, $2,000,001 $3,000, $3,000,001 $4,000, $4,000,001 $5,000, $100,000 $1,000, $100,000 $1,000, $1,500,001 $2,000, $100,000 $1,000, $1,000,001 $1,500, $100,000 $1,000, NA NA $1,000,001 $1,500, NA NA $100,000 $1,000, NA NA $1,000,001 $1,500, NA NA This infrmatin is prvided t licensed Mrtgage Lan Originating Entities nly and may nt be cpied r distributed t custmers r ptential custmers. All lans are subject t apprval. Certain restrictins may apply. Prgram rates, prices, guidelines, fees, csts, terms and cnditins are subject t change withut ntice. Sun West Mrtgage Cmpany, Inc. (NMLS ID 3277) is licensed by the Department f Business Oversight as a Califrnia Finance Lender (License # ) and is licensed by the Bureau f Real Estate (License # ). Refer t t see where SWMC is a licensed lender. In all states, the principal licensed ffice f Sun West Mrtgage Cmpany, Inc. is 6131 Orangethrpe Ave. Suite 500, Buena Park, CA 90620; Phne: (800) Sun West Mrtgage Cmpany, Inc. Versin 10.3 Page 23 f 45

5 Fr Freign Natinal: FICO Minimum Lan Amunt Maximum Lan Amunt Reserves (in mnths) Maximum LTV Purchase Rate & Term 680 r abve Freign Credit $100,000 $1,000, $1,000,001 $1,500, $1,500,001 $2,000, $2,000,001 $3,000, $3,000,001 $4,000, $4,000,001 $5,000, $100,000 $1,000, $1,000,001 $1,500, $100,000 $1,000, $1,000,001 $1,500, $1,500,001 $2,000, $2,000,001 $3,000, $3,000,001 $4,000, $4,000,001 $5,000, Requirements fr lan amunts greater than $3MM Maximum Cash Amunt Parameter Cash Limit (% f Prperty value) Lan Amunt $1MM 75% $1MM < Lan Amunt $3MM 70% $3MM < Lan Amunt $5MM 50% 2 4 unit and Cnd Prperty 70% Freign Natinal 50% Available in CA, IL, FL, NY, NJ, MD, VA, DC and WA states nly Cash amunt is limited t lwer f 50% f prperty value r $3,000,000. SFR and Cndminium (Warrantable / Nn Warrantable) nly. Cndminiums available in NY and FL states nly. FL Cnds are limited t 55% LTV. Restrictins fr NY State (Cnfrming lans nly) First Time Brrwer All f the fllwing requirement must be met: Minimum 12 mnths PITIA reserves are required. Maximum 43% DTI allwed 24 mnths Bank statement r 24 mnths Full dcs nly. Minimum 720 FICO required Maximum LTV/CLTV is restricted t 80% FRM amrtizatin nly NY CEMA lans nt allwed All f the fllwing requirement must be met: Primary residence nly. Minimum FICO Max DTI 50%. Min six mnths f reserves. 12/24 mnths Full Dcs r 24 bank statement 12-mnths rental histry required reflecting 0*30 late. If living rent free, refer general requirement sectins. Payment Shck if DTI exceeds 36%: Fr FICO 620 and abve max -300%, if FICO<620, 200%. This infrmatin is prvided t licensed Mrtgage Lan Originating Entities nly and may nt be cpied r distributed t custmers r ptential custmers. All lans are subject t apprval. Certain restrictins may apply. Prgram rates, prices, guidelines, fees, csts, terms and cnditins are subject t change withut ntice. Sun West Mrtgage Cmpany, Inc. (NMLS ID 3277) is licensed by the Department f Business Oversight as a Califrnia Finance Lender (License # ) and is licensed by the Bureau f Real Estate (License # ). Refer t t see where SWMC is a licensed lender. In all states, the principal licensed ffice f Sun West Mrtgage Cmpany, Inc. is 6131 Orangethrpe Ave. Suite 500, Buena Park, CA 90620; Phne: (800) Sun West Mrtgage Cmpany, Inc. Versin 10.3 Page 24 f 45

6 Nn Permanent Resident Alien Acceptable visa types: E-1, E-2, E-3, EB-5, G-1 thrugh G-5, H-1, L-1, NATO, O-1, R-1, TN NAFTA. Must be current and may nt expire fr a minimum f 3 years fllwing the clse date. Max LTV/CTLV: 75% Full Incme Dcs (24 mnths) nly. Gift funds and nn ccupying c-brrwer is ineligible. Subrdinate Financing Allwed. Must be frm institutinal lender. General Requirements Incme Dcumentatin Self Emplyed Brrwer Incme Calculatin using bank statement Brrwer wh live rent free r withut a cmplete 12-mnths husing histry must meet all f the fllwing requirements: Full dc (24 mnths) nly. Max DTI 36%. Primary Residence nly. 4 mnths f additinal reserves. Minimum 10% brrwer cntributin. Any available prtin f a 12-mnths husing histry must be paid as agreed. Payment shck shuld nt exceed 300% f the brrwer s current husing if DTI is greater than 36%. Prperties listed fr sale in past 12 mnths n Rate/Term transactin must be withdrawn prir t applicatin date. Cpy f expired/withdrawn listing is required. Full Dcs: 12 mnths dcumentatin: mst recent pay-stub, ne year W2/Tax returns. 24 mnths dcumentatin: mst recent pay-stub, tw years W2/Tax returns. Bank Statement Dcumentatin (Primary brrwer must be self emplyed): 12 mnths bank statement: 12 mnths persnal bank statements. Mst recent tw mnths business bank statement. 24 mnths bank statement: Persnal bank statement: 24 mnths f persnal bank statement, mst recent 2 mnths f business bank statement. Business bank statement: 24 mnths CPA cmpiled and signed P&L statement matching the perid fr which bank statement, mst recent 3 mnths business bank statement. Fr Freign Natinal Brrwers: Brrwer with U.S surced incme must cmply with all Full Dcs guidelines. Freign Natinal Salaried/Wage Earner- Paystub cvering minimum 30 days YTD incme and W2 equivalent r 2 years tax returns frm brrwer's cuntry f rigin OR, Letter frm emplyer prviding current mnthly salary, YTD and ttal earnings fr past 2 years and 2 years tax returns frm brrwer's cuntry if residence (if applicable). Freign Natinal Self Emplyed- Letter frm CPA/Accuntant prviding minimum 2 years self emplyment histry reflecting last 2 years incme figures and YTD incme. Business license and rganizatin dcuments are required. Cpy f Accuntant's current license. Business & Accuntant must be independently verified. 2 years tax return frm brrwers cuntry if residence. All dcuments must be translated by an independent certified translatr. 24 mnths persnal bank statement: Tw years histry is required. Brrwer must have at least 25% wnership in the business. 12 mnths persnal bank statement: Fur years histry is required. Brrwer must have me 100% wnership in the business. 24 mnths business bank statement: Tw years histry is required. Brrwer must have me 100% wnership in the business. Incme analysis fr using business bank statement: 12 mnths Persnal Bank Statement: Incme shuld be calculated based n a 12 mnth average f ttal depsits minus any incnsistent depsits nt justified. Qualifying incme may nt exceed the incme indicated n the initial mnths Persnal Bank Statement: Incme shuld be calculated based n a 24 mnth average f ttal depsits minus any incnsistent depsits nt justified. Qualifying incme may nt exceed the incme indicated n the initial mnths business bank statement: The qualifying incme is the lwer f the net incme frm the P&L divided by 24 r the incme disclsed n the initial This infrmatin is prvided t licensed Mrtgage Lan Originating Entities nly and may nt be cpied r distributed t custmers r ptential custmers. All lans are subject t apprval. Certain restrictins may apply. Prgram rates, prices, guidelines, fees, csts, terms and cnditins are subject t change withut ntice. Sun West Mrtgage Cmpany, Inc. (NMLS ID 3277) is licensed by the Department f Business Oversight as a Califrnia Finance Lender (License # ) and is licensed by the Bureau f Real Estate (License # ). Refer t t see where SWMC is a licensed lender. In all states, the principal licensed ffice f Sun West Mrtgage Cmpany, Inc. is 6131 Orangethrpe Ave. Suite 500, Buena Park, CA 90620; Phne: (800) Sun West Mrtgage Cmpany, Inc. Versin 10.3 Page 25 f 45

7 Incme frm Asset depletin Unacceptable Surce f Funds Restrictins: Nn Occupant c-brrwer nt allwed Min FICO 680 Purchase and Rate & Term nly. Calculating incme frm asset depletin: Ttal assets eligible fr depletin, less dwn payment, less ut f pcket clsing csts less required reserves, divided by 180. Dcumentatin: All individual n asset accunt(s) must be n nte and mrtgage. Assets must be verified with mst recent 3 mnths f accunt statement r VOD and must be seasned fr 120 days. Minimum Eligible Assets required: lwer f $1M r 150% f lan balance. Assets Eligible fr depletin: 100% f Marketable Securities 100% f checking and savings. 70% f stcks, bnds, and mutual funds 60% f retirement assets: Eligible if brrwer is f retirement age. n-hand Sweat equity Gift r grant funds which must be repaid Dwn payment assistance prgrams Bridge lans Unsecured lans r cash advances Assets Mst recent bank statement cvering sixty (60) days. Large depsits must be surce. Large depsit is defined as any single depsit that represents mre than 75% f mnthly average depsit balance. Assets held in freign accunts may be used as a surce f funds t clse and t meet applicable reserve requirements. These funds must be transferred t a U.S. dmiciled accunt in the brrwer s name at least ten (10) days prir t clsing. ACH is required when using freign funds. Gift funds are allwed if, At least 5% dwn payment made by the brrwer frm their wn surces, r 100% Gift Funds are allwed fr Credit Advantage - Full Dc lans nly, with a maximum LTV f 75%. Brrwer(s) must meet bth reserve and residual incme requirements Cntributin by Interested Parties Max. Number f Prperties Financed LTV equal t r greater than 75%: max 4% LTV less than 75%: max 6% Fr Freign Natinal: max 3% Maximum number f prperties financed by brrwer is 20 including the subject prperty. Maximum n f prperties financed by SWMC is limited t 6. 2 mnths reserves fr each additinal financed prperty. Ttal reserve requirement is nt t exceed 12 Temprary Buydwn Nt allwed. Assumable Fixed Rate Ntes Are nt assumable. Adjustable Rate Ntes May be assumable based upn the nte, in general Fannie Mae Ntes cntain an assumable clause. In any case, the verbiage in the Nte and Clsing Disclsure must match. Prperty Flip Waiver Appraisal Review Prduct Fr prperties purchased by the seller f the prperty within 12 mnths f applicatin date where the cntract price exceeds the sellers acquisitin price by 10% r mre, additinal requirements apply: Secnd appraisal, must be dated prir t the acquisitin date; Prperty seller n the purchase cntract must be the wner f recrd; Increases in value shuld be dcumented with cmmentary frm the appraiser and recent cmparable sales. Sufficient dcumentatin t validate actual cst t cnstruct r renvate (e.g., purchase cntracts, plans and specificatins, receipts, invices, lien waivers, etc.) An enhanced ARR frm PrTeck r CDA reprt frm Clear Capital if lan amunt is up t $1.5M. If lan amunt is >$1.5M, then secnd appraisal is required. If ARR r CDA reflects value mre than 10% belw appraised value r can't prvide a validatin, then either a field review r secnd appraisal must be rdered. Nte: Surce f Appraisal review prduct may nt be the same AMS used fr Appraisal. This infrmatin is prvided t licensed Mrtgage Lan Originating Entities nly and may nt be cpied r distributed t custmers r ptential custmers. All lans are subject t apprval. Certain restrictins may apply. Prgram rates, prices, guidelines, fees, csts, terms and cnditins are subject t change withut ntice. Sun West Mrtgage Cmpany, Inc. (NMLS ID 3277) is licensed by the Department f Business Oversight as a Califrnia Finance Lender (License # ) and is licensed by the Bureau f Real Estate (License # ). Refer t t see where SWMC is a licensed lender. In all states, the principal licensed ffice f Sun West Mrtgage Cmpany, Inc. is 6131 Orangethrpe Ave. Suite 500, Buena Park, CA 90620; Phne: (800) Sun West Mrtgage Cmpany, Inc. Versin 10.3 Page 26 f 45

8 Additinal Requirement fr Texas Refinance Freign Natinal Brrwer Ineligible Prperty Type Texas Equity 50(a)(6) Lan: Nt allwed Nn-Texas Sectin 50(a)(6) lan: A seasned Texas Sectin 50(a)(6) lan can be refinanced int a nn-texas Sectin 50(a)(6) lan if certain cnditins are met. The refinanced lan is created at least a year after the initial Texas Equity 50(a)(6) lan was clsed; The lan amunt nly cvers the actual cst f the refinancing, and des nt prvide the brrwer with additinal funds; The LTV/CLTV des nt exceed 80 percent f the fair market value; The lender prvides the brrwer with Ntice Cncerning Equity Lan Extensin f Credit disclsures within 3 business days f applicatin and 12 r mre days befre the lan is clsed; and An affidavit that cnfrms t Sectin 50(f-1) Article XVI f the Texas Cnstitutin must be prepared and recrded. Ttal fees and charges n the lan cannt exceed 2% f the lan amunt. If the brrwer has an existing Sectin 50(A) (6) secnd lien and the new first mrtgage will be cashut then the existing secnd lien must be paid ff. Primary residence transactins nly. All brrwers n the lan must be n the title and ccupy the subject prperty as their primary residence. Only 30 year Fixed Rate Mrtgage. Acceptable Visa types are B-1, B-2, H-2, H-3, I, J-1, J-2, 0-2, P-1, P-2, TN NAFTA, Laser Visa Nn- resident alien wh is nt authrized t live r wrk in U.S r hlds a wrk visa indicative f mre temprary residency than that thse required t meet Nn-Permanent Resident Alien requirement. They may peridically visit U.S fr varius reasns like vacatin and/r business. Brrwer must live and wrk in anther cuntry and be legal resident t same cuntry Interest nly feature is eligible with U.S. Credit If brrwer des nt have a credit scre then credit scre requirement is waived. N 30 days husing late in past 12 mnths. Qualifying US Credit: Max LTV 75%, Full Dcs 24 mnths Only Gift Funds, Nn-Occupant C-brrwers nt required. Qualifying Freign Credit: Max LTV 70%, Full Dcs 24 mnths Only Gift Funds, Nn-Occupant C-brrwers nt required. Freign natinal brrwer withut qualifying U.S credit (including brrwer withut valid SSN and brrwers with r withut an ITIN) must prvide evidence f 3 active and pen tradelines with 2 year histry. N dergatry credit histry is permitted. Any cmbinatin f fllwing is acceptable: Trade lines evidenced via a U.S Credit reprt AND/OR Trade lines evidenced via Internatinal Credit reprt AND/OR, Trade lines evidences via a credit reference letter frm a verified financial institutin in the brrwer's cuntry f rigin if U.S. credit reprt &/r internatinal credit reprt is nt available r cmbinatin f credit reprt desn't prvide sufficient number f tradelines: A minimum f 1 reference letter frm an internatinally knwn financial institutin. Reference letter must state type & length f relatinship, hw the accunt is held, payment amunt, utstanding balance & status f accunt including minimum 12 mnths payment histry Single reference surce may prvide verificatin f multiple accunts. Individual accunt details must be prvided. Letter must mentin the brrwer by name Name, Title & Cntact infrmatin f persn signing the letter must be included Currency must be cnverted t U.S. Dllars and signed & dated by certified translatr All dcuments must be translated t English. POA nt allwed. Mixed Use prperties; Vacant land r land develpment prperties; Prperties nt readily accessible by rads that meet lcal standards; Prperties nt suitable fr year-rund ccupancy regardless f lcatin; Agricultural prperties including: farms, ranches, rchards; Manufactured, Mbile r Mdular Hmes; Cnd-htels r c-p/timeshare htels; A prject that includes registratin services and ffer rentals f units n a daily, weekly r mnthly basis; Cperative share lans; Barding huses r bed/breakfast prperties; Prperties with zning vilatins; Dme r gedesic hmes; This infrmatin is prvided t licensed Mrtgage Lan Originating Entities nly and may nt be cpied r distributed t custmers r ptential custmers. All lans are subject t apprval. Certain restrictins may apply. Prgram rates, prices, guidelines, fees, csts, terms and cnditins are subject t change withut ntice. Sun West Mrtgage Cmpany, Inc. (NMLS ID 3277) is licensed by the Department f Business Oversight as a Califrnia Finance Lender (License # ) and is licensed by the Bureau f Real Estate (License # ). Refer t t see where SWMC is a licensed lender. In all states, the principal licensed ffice f Sun West Mrtgage Cmpany, Inc. is 6131 Orangethrpe Ave. Suite 500, Buena Park, CA 90620; Phne: (800) Sun West Mrtgage Cmpany, Inc. Versin 10.3 Page 27 f 45

9 Assisted living facilities; Hmes n Indian reservatins; Lg hmes; Hawaii prperties lcated in lava znes 1 and/r 2; Husebats Prperties with acreage mre than 10 acres. Prperties listed fr sale in past six mnths n cash ut transactin. Prperties with wnership ther than fee simple/leasehlds that d nt meet FNMA Guidelines. This infrmatin is prvided t licensed Mrtgage Lan Originating Entities nly and may nt be cpied r distributed t custmers r ptential custmers. All lans are subject t apprval. Certain restrictins may apply. Prgram rates, prices, guidelines, fees, csts, terms and cnditins are subject t change withut ntice. Sun West Mrtgage Cmpany, Inc. (NMLS ID 3277) is licensed by the Department f Business Oversight as a Califrnia Finance Lender (License # ) and is licensed by the Bureau f Real Estate (License # ). Refer t t see where SWMC is a licensed lender. In all states, the principal licensed ffice f Sun West Mrtgage Cmpany, Inc. is 6131 Orangethrpe Ave. Suite 500, Buena Park, CA 90620; Phne: (800) Sun West Mrtgage Cmpany, Inc. Versin 10.3 Page 28 f 45