Monday, November 18, 2013

Loan Approvals are Easier than Ever

Unlike many lenders, we sell our loans directly to Fannie Mae. That means we don't have any lender overlays.  Overlays are additional underwriting guidelines that lenders add to the Fannie Mae underwriting guidelines, making it harder to get approvals.

Some examples of overlays are:
  • minimum credit score of 640 instead of the 620 that Fannie Mae requires
  • limiting the number of financed properties to 4 instead of the 10 that Fannie Mae allows
  • requiring the seller to own the property for 90 days before selling it
Remember, we do not have these overlays.  We only require a 620 credit score, we allow up to 10 financed properties, and we don't require the seller to own the property for 90 days before selling it.

Are you using a lender who does have overlays?  Why would you do that?

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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