Sun West Mortgage launches conventional non-conforming loan program
Sun West Mortgage Company has introduced its conventional non-conforming loan program, becoming the only US based mortgage bank to offer it in Puerto Rico, and the first one to launch this product in more than 15 years, it confirmed.
The mortgage company, which marking its 10th anniversary of operations on the island, provides technology solutions for clients and realtors as well as a portfolio of loan programs.
The Sun West Mortgage conventional non-conforming loan program offers one of the lowest interest rates in the market (4% APR), with 50% Loan-to-Value (LTV) for first and second home buyers, interested in buying or refinancing, with mortgages ranging from $250,000 with a FICO score of 720, to loans up to $750,000 with a FICO score of 760 or more.
The program includes a 30-year fixed loan, and 5/1 and 7/1 Adjustable Rate Mortgage, with minimum documents required, two-year personal financial and 24-month banking statements. This Sun West loan offers buyers fewer application requirements, since the entity does not adhere to limitations of secondary markets, leading to lower closing costs and a faster closing, said Luis Raúl Padilla, Sunwest Mortgage’s executive vice president.
“As demand for non-conforming loans continues to increase in Puerto Rico, we saw the opportunity to create this program with better interest rates, at a one-stop bank providing all the services and technology that keeps us ahead of other lenders in the Island,” he said.
Sun West Mortgage Company provides all stages of a loan process: originating; processing; and underwriting, to closing and servicing these loans.