FHA Direct Loans
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WAS YOU LOAN REJECTED DUE TO LENDER OVERLAYS?
Were you turned down during the loan process due to a lender’s overlays? These are so common that most otherwise qualified borrowers tragically find out midway in the loan process their loan is denied due to the wrong lender selection. Even realtors do not realize the amount of deals they lose as a result of overlays.
WHAT ARE LENDER OVERLAYS
Lender overlays are the additional criteria above and beyond the minimum loan requirements for which a borrower is applying. Overlays can include property types, debt-to-income ratios, number of trade lines, time on job, down-payment sources, gift limitations, time since a short sale/bankruptcy/etc., all can be considered as overlays. Another lender overlay is the misconception that you cannot flip a home to an FHA buyer with fewer than 90 days seasoning if the increase is more than 20%. This is simply not true. You can flip a second home with only 10%.
We are direct lenders with wholesale FHA program and rates without overlays and junk fees. If we decide not to carry the loan ourselves, we partner with strategic wholesale lenders so we can offer you the best possible service, at the best rates, while ensuring the approval process is as smooth and efficient as possible.