Mortgage Lenders without Overlays

Crookid · ‎09-20-2018

Does anyone have a list or know of lenders that do not add requirements (overlays) to VA or FHA loans?

So far I only know of one through Loan Cabin. As my credit is subpar, but the gov't doesn't put credit score requirements on home loans, (lenders typically do) this would be beneficial.

JVille · ‎09-20-2018

You need a sharp Mortgage Broker who deals with dozens of lenders. He will know where to place your loan. A lot easier than beating your head against the wall.

NC_Mtg_Loaner · ‎09-21-2018

FHA and VA loans get sold to GNMA for the most part and their guidelines are pretty loose to begin with and I think there are lots of lenders that don't add any overlays to the mix, so keep searching.

In the meantime, it would certainly help if you figure out why your credit score is so low and take a few steps to correct it and you'll surely receive better terms for all types of loans, but that's my extra $.02.

__________________________________________________

Licensed NC Mortgage Loan Originator

homeloanexpert · ‎09-22-2018

Several of us lenders don't have overlays. It just depends on what your particular issues are. If it's your scores, as long as you stay under 550 or 580 (as most lender require), you'll be hit a 10% down for an FHA. I would strongly recomend getting a hold of an experienced Loan Officer to assist you in getting those scores up.

Best of luck to you

Branch Manager - Specializing in FHA, VA, USDA, Conventional, Jumbo, Portfolio and Non-QM Loan Products.

Anonymous · ‎07-23-2019

Hi Crookid,

How did this work out for you? Where you able to secure a mortgage with Loan Cabin? I am currently working with them now (just started) and would like to get your honest feedback.

Thanks!

homeloanexpert · ‎07-24-2019

Yes, I have closed several log cabins.

Branch Manager - Specializing in FHA, VA, USDA, Conventional, Jumbo, Portfolio and Non-QM Loan Products.