VA guidelines versus overlays on VA home loans

What Is Overlay on VA Loan?

Mortgage lenders can add additional mortgage guidelines above and beyond the minimum agency mortgage guidelines from the Veterans Administration called lender overlays on VA home loans. VA does not have a minimum credit score requirement but most lenders will require a minimum credit score requirement on VA loans. Gustan Cho Associates has no lender overlays on VA loans and a lot of GCA Mortgage clients have credit scores down to 500 FICO scores whereas other lenders will require a 620 FICO or higher. Another common example of VA lender overlays is debt-to-income ratio overlays. VA does not require a maximum debt-to-income ratio requirement. However, most lenders will have overlays on the debt-to-income ratio on DTI at 45% to 50%.

Decided yet? LET US HELP YOU! Contact the Gustan Cho Team at 800.900.8569 or send a text message for a faster response. Or write to us at [email protected]. We are available 7 days a week, in the evening, on weekends and holidays 📱 📧

❗️❗️✅✅✅ APPLY NOW ✅✅✅❗️❗️
https://gustancho.com/fast-quote

***Gustan Cho Associates is licensed in 48 states! Apply NOW with Gustan Cho Associates and leave it to us to qualify you and get you approved for a mortgage.***

#valoans #minimumcreditscore #debttoincomeratio #overlay #homeloans