Wednesday, November 6, 2013

No More Lender Overlays!

We just started selling loans directly to Fannie Mae and Freddie Mac.  What does this mean for you?  

No more lender overlays!!!  Lender overlays are those nasty little extra underwriting guidelines that lenders add to the Fannie Mae guidelines - the things that prevent you from closing deals.  

Here are some examples:
  • Conventional loans down to a 620 credit score are OK
  • Up to 10 financed properties are OK
  • FHA loans down to a 580 credit score are OK
  • VA loans down to a 620 credit score are OK
  • Conventional loans with ALL of the down payment coming from a gift from a relative are OK.
We still have to comply with the mortgage insurance overlays, but in most cases, the mortgage insurance companies will insure a loan if Fannie Mae agrees to buy it.

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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