Programs & Services
Sunwest Financial Services is a Full Service Mortgage Lender that provides a wide range of loan programs and services to meet all of your mortgage needs.* We offer all types of programs for purchases and refinances with low fixed and adjustable rates (ARMs), and even offer interest only payments. In addition to the programs listed below, we have programs for Condos, Rural Prop
erties, Land, and even Home Equity Lines of Credit (or Second Mortgages):
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Conventional Conforming Loans
A conventional conforming loan is a residential mortgage that is eligible for purchase by Fannie Mae (FNMA) and Freddie Mac (FHLMC) and typically sold on the secondary market. To qualify, the loan must meet the necessary requirements established by the two quasi-government organizations. Loans that exceed the conventional conforming loan limit or do not meet the strict underwriting guidelines are ineligible (however, the loan may be eligible under a “non-conforming” program). Typically, Conventional Conforming Loans require a minimum down payment of 5% and borrowers must verify their income and assets. Sunwest Financial Services has established solid relationships with several funding sources for Conventional Conforming loans and can offer the most competitive interest rates available on the market today. Loans that do not meet Fannie Mae or Freddie Mac guidelines, may qualify under other “non-conforming” or government loan programs. Contact a Sunwest Financial Services representative today for more information.
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Federal Housing Authority Loans (“FHA” Loans)
FHA loans are mortgages issued by a federally qualified lender and insured by the Federal Housing Administration under the U.S. Department of Housing and Urban Development (“HUD”). FHA loans are designed for low to moderate income borrowers who are unable to make a large down payment. FHA loans also allow for less than perfect credit and even will provide for those that have not been able to establish a traditional credit score yet. This, combined with the fact that FHA loans require a minimum of 3.5% down (that can come from a gift or grant), make these loans popular with first-time home buyers. In a purchase transaction, FHA permits the Seller to pay up to 6% of the borrower’s closing costs. Sunwest Financial Services also offers FHA “rehab” loans under the 203(k) program. These can be used in conjunction with a purchase or refinance.
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Reverse Mortgages
Reverse Mortgages are also issued by a federally qualified lender and insured by the Federal Housing Administration under the U.S. A Reverse Mortgage is a special type of home equity loan for persons 62 years and older. Reverse mortgages allow owners to convert some of the equity in their homes to cash. The loan does not usually have to be repaid during the homeowner's lifetime. Loan advances are not taxable and do not affect the homeowner's Social Security or Medicare benefits. Single family homes, manufactured homes converted to real property, and even condos are eligible property types for a reverse mortgage. To qualify for a reverse mortgage a borrower only needs to verify their age, current liens on the property, and the appraised value of the subject property. For more information about reverse mortgages or to see if a reverse mortgage is right for you, contact a Sunwest Financial Services representative to learn more.
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Veterans Affairs Loans (VA)
In 1944 President Franklin D. Roosevelt signed into law the Servicemen's Readjustment Act, also known as the GI Bill of Rights. This act provides qualified veterans federally guaranteed home loans with no money down. VA guaranteed loans are made to eligible veterans by private lenders, such as banks, savings & loans, or mortgage companies who are protected against loss if the veteran later fails to repay the loan. VA loans permit the Seller to pay all of the closing costs in a purchase transaction. Also, VA will allow for borrowers with less than perfect credit to qualify. All VA loans require a VA Funding Fee in lieu of a monthly mortgage insurance payment or up-front mortgage insurance premium. This fee is 3.35% of the purchase price or 2.15% if the Veteran is using their eligibility for the first time (veterans with a service related disability may be exempt from the funding fee). Although this fee cannot be paid by the seller as a seller paid concession, it does not need to be paid by the borrower at the time of closing either but is, instead, wrapped into the new loan and paid with the principle over the course of the loan. Thus, there is no monthly mortgage insurance premium added to the monthly payments allowing for a larger qualifying loan amount. To find out more information about VA loans or to see if you are eligible for a VA loan, contact a Sunwest Financial Services representative today.
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Jumbo, Non-Conforming & Portfolio Loan Programs
Jumbo Loans are loans that exceed the conventional conforming loan limits under Freddie Mac and Fannie Mae guidelines. Jumbo loans are often called “non-conforming” loans, and while every jumbo loan is nonconforming, not every non-conforming loan is a jumbo loan (for example, a mortgage may be below the conforming loan limit, but involve less borrower documentation than is typically required). A jumbo loan will generally have a higher interest rate than a conventional mortgage and, typically, jumbo loans will require a slightly larger down payment as compared to a conventional conforming loan. Portfolio Loan Programs are programs where the final bank purchasing the loan does not intend to sell the loan on the secondary lending market. Therefore, as these loans are not governed by the stringent conventional conforming or government guidelines, these programs allow for much more liberal underwriting with respect to borrower verification and documentation, property types, and loan limits. At Sunwest Financial Services we have established several strong relationships with these end-purchasing banks and offer many of these unique loan programs. As a result, we can offer our clients very low interest rates on jumbo loans and programs for borrowers with unique circumstances or unique property types. Thus, when other mortgage lenders say “We can’t” our representatives often say, “We can!”
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Investment Properties and Second Homes
An Investment Property is a home that the owner does not live in whereas borrowers are considered to “occupy” a Second Home. Second homes are typically treated with the same lending guidelines (down payment, interest rate, and documentation) as with loans for a primary residence (i.e. conventional conforming programs are available). However, programs for investment properties typically require a larger down payment and have a slightly higher interest rate. At Sunwest Financial Services we have many very competitive programs for investment properties and second homes.
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Manufactured Land / Home Packages
Sunwest Financial Services knows manufactured homes and manufactured home lending plain and simple. We offer construction-to-permanent programs, FHA government programs, and cash-out refinances up to 95% of the home’s value with low 30-year fixed rates. If you are looking to buy a new manufactured home, talk to a Sunwest Financial Services representative before you buy. We have the lowest interest rates available and can guide you through the process to help you avoid costly mistakes.
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Construction-to-Permanent with Owner Builder
Sunwest Financial Services has several construction-to-permanent loan programs for those seeking to build a custom home. Construction-to-perm loans are construction loans that pay draws to the builder during construction and then automatically modify into a permanent loan once the home is completed. With as little as 5% down of the total cost of the land, home, and all improvements, building a custom home is a lot easier than you might think. For borrowers who already own their land, land equity can be used as their down payment. We also have “owner builder” programs that allow borrowers to act as their own general contractor. Construction-to-perm loans can also be used for major home re-modeling and renovations. We have construction-to-perm programs for homes within conventional conforming loan limits to multi-million dollar jumbo loans. Contact a Sunwest Financial Services representative today to learn more and to see which construction loan is right for you.
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Harp 2.0 & Loan Modifications
As a result of the declining market, many borrowers (by no fault of their own) have found themselves in the unfortunate situation where they currently owe more to the bank on their mortgage(s) than their home is worth. For many, this situation is magnified when their current loan is an Adjustable Rate Mortgage ("ARM") that is about to or has already adjusted. Many of these borrowers face the stress of losing their homes and destroying their credit in the process. For those who qualify, the government's new Home Affordable Refinance Program (HARP & HARP 2.0) may help. HARP, the first government refinance program allowed for borrowers to refinance their Conventional Fannie Mae and Freddie Mac mortgages as long as the loan-to-value did not exceed 125%. However, the new HARP 2.0 program has removed the loan-to-value limitation and allows borrowers of Conventional Fannie Mae and Freddie Mac conventional loans to refinance their loans to a low 30-year fixed rate regardless of the home's current value. If your loan is not eligible for the one of the HARP programs, there may be other options available to help you such as a loan modification. Sunwest Financial Services works with licensed attorneys that can represent you in negotiating a fair loan modification with your current lender. These attorneys understand what the banks require and can accomplish this many times without the borrower having to miss any mortgage payments. Some borrowers may even be eligible for a reduction in their principle balance as a part of the modification. Don't wait until you have lost your home! Contacth a Sunwest Financial Services representative today to find out if your mortgage may qualify for HARP or loan modification.
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* Due to the nature of the lending industry, loan programs are always changing. Although we make every effort to keep the information on our site current, programs discussed here may or may not be available at the time you call. Contact us if you have any questions regarding the information presented.
** Appointments with attorneys may require a consultation fee payable at the time of service. Consultations over the phone are available for those who own property within the Sate of Nevada but are unable to come in for an appointment. Fees vary based upon the type consultation you are seeking. Major credit cards are accepted. Call for more information.
