Finding Right Lender With No Mortgage Lender Overlays
In this article, we will cover finding right lender with no overlays to bring you home. If you meet the agency guidelines on government and/or conventional loans, not all lenders may approve you. Lenders will require you to meet the minimum lending agency guidelines. Just because you do not qualify for an FHA loan at one lender does not mean you do not qualify at FHA Bad Credit Lenders. FHA Bad Credit Lenders has no lender overlays on government and conventional loans.
FHA Bad Credit Lenders has zero lender overlays on government and conforming loans. Over 89% of our clients either had a last-minute mortgage loan denial at other lenders or could not qualify because of the lender overlays.
Each mortgage lender may have higher lending requirements that are above and beyond the minimum agency mortgage guidelines. Therefore, if you are told you do not meet the lender’s guidelines does not mean you do not qualify for a home mortgage. Not all lenders have the same lending requirements on the same loan program. In the following paragraphs, we will cover finding right lender with no mortgage lender overlays.
What Are Lender Overlays on Government and Conventional Loans?
Borrowers who got denied by lenders need to check whether or not you meet the minimum agency mortgage guidelines. If you do meet the minimum agency guidelines and got denied for a mortgage, you may qualify for a mortgage with a lender with no lender overlays. Most lenders can have multiple lender overlays on FHA, VA, USDA, and conventional loans.
There are two sets of mortgage guidelines. Agency guidelines from HUD, VA, USDA, Fannie Mae, and Freddie Mac. Lender overlays are higher lending requirements above and beyond the agency guidelines set by each individual mortgage lender. Each lender have their own lender overlays.
Over 80% of our borrowers at FHA Bad Credit Lenders are folks who could not qualify at other lenders. FHA Bad Credit Lenders has no lender overlays on government and conventional loans. In this article, we will discuss and cover finding the right lender to get you qualified and approved for a home mortgage with no lender overlays.
Choosing A Lender With No Overlays On Government And Conventional Loans
Navigating to finding the right lender to originate your home loan can be like finding a needle in a haystack. I felt like I was in a baseball game trying to leave the third base and watching the catcher direct me…. only to get halfway home and be sent back to third again.
Again, over 80% of our clients are folks who could not qualify at other mortgage companies because of a last-minute mortgage loan denial due to the lender overlays. Since we have no lender overlays, we are able to qualify and close the loan in record time.
There was not a single lender in the past two years who would even return a call after I told them my scenario. I honestly somehow felt like somehow I was not being treated like a customer should simply because of my credit score and my past circumstances.
How The Great Recession Affected America
A national wave of bankruptcies that began in 2008 reached a peak in the year ending September 2010, when nearly 1.6 million bankruptcies were filed. With there being over 800,000 bankruptcies in 2016 and although the trend is continuing downward since 2010 there are still many borrowers who are in a difficult position when it comes to finding a home loan.
Homebuyers can qualify for a mortgage after bankruptcy, foreclosure, short sale, a deed in lieu of foreclosure, outstanding collections, charge-offs, and late payments. However lenders want to see borrowers to have been timely for the past twelve months with no late payments.
I was one of those people who were credit-challenged due to bankruptcy and it had not yet been discharged. I found myself wanting to find a place of my own to call home on the east coast after leaving out west. I was told all sorts of things from friends and family, most of whom said I would have to wait a period of 5 years after the discharge to purchase a home. I could not imagine renting for another 5 years and having nothing to show at the end of that time.
How I Overcame The 2008 Financial Collapse
Being of German heritage some might say that I am stubborn and so I took it upon myself to search out whether or not I was truly excluded from home ownership after a chapter 13 bankruptcy. After all, I had spent the entire past year working to improve my credit score, I was using Lexington Law to remove items off my credit report.
The easiest and fastest way to jump start and rebuild your credit after bankruptcy and foreclosure is by getting three to five secured credit cards with at least a $500 credit limit. You should also get one or two credit rebuilder installment loans from either www.self.com or your local credit union or bank.
I had a secured credit card and I had an account with Self Lender all of which combined helped my credit score go up over 100 points in less than a year. I felt as though I was doing everything in my power to put myself on the right track to homeownership, only to find closed doors.
Searching The Finding Right Lender With Bad Credit
I searched relentlessly for lending options and finding the right lender who had no lender overlays without a discharge on Chapter 13 Bankruptcy as well as with a recent discharge as I knew mine would soon fall into that category. After reading the guidelines for an FHA loan I felt fairly confident that I would not have to wait 5 years like everyone was telling me.
FHA Bad Credit Lenders has no lender overlays on FHA, VA, USDA, and conventional loans. The team at FHA Bad Credit Lenders can help borrowers with credit scores down to 500 FICO scores qualify for FHA and VA loans. We have non-QM loans one day out of bankruptcy and foreclosure with a 20% down payment.
I Googled for hours, days and months finding right lender until I ran across an article clarifying the guidelines of FHA products and mentioning something about finding a lender with no overlays. Finding Right Lender To Bring You Home was my mission.
Finding Right Lender With NO Overlays
No overlays? Bells went off, there was finally a possibility of owning a home again! I clicked the links and ultimately landed on FHA Bad Credit Lenders page. I texted Gustan my scenario with everything being fully disclosed and he said yes we can! Well, to be completely honest he said yes we can. FHA Bad Credit Lenders are mortgage brokers licensed in 48 states including Washington, DC, Puerto Rico, and the U.S. Virgin Island. FHA Bad Credit Lenders, empowered by NEXA Mortgage, LLC, has over 210 wholesale mortgage lending partners.
Over 80% of FHA Bad Credit Lenders Borrowers Are Folks Who Could Not Qualify at Other Lenders
I can not tell you how elated I was to be treated like a valued customer by Gustan Cho, in fact, I had discovered his website on a Sunday afternoon and much to my surprise he had reached out to me by the end of the day. It was such a blessing. I was so inspired by his customer care, professionalism, straightforwardness and the programs his company offered to borrowers like myself .
FHA Bad Credit Lenders Are Able To Do Loans Other Lenders Cannot Do
I wanted to be on his team! Having been in the mortgage industry in 2000 through the housing bubble in 2008 I had experience and I had enjoyed the profession, but I really wanted to be in the position to help people like myself and to have the ability not only to offer outstanding customer care and service but to treat them the way every single person deserves to be treated.
One of the most rewarding aspects of being a mortgage loan originator is you are able to help homebuyers who could not qualify at other lenders. FHA Bad Credit Lenders has seven affiliate informational website. We are a five-star award winning mortgage and informational website. We are not a lead generation company. The team at FHA Bad Credit Lenders are actual lenders.
Nothing will make me happier than seeing people achieve their dreams of homeownership after having had a few challenges in their past. Truly I found a place where I can contribute to helping people get back home!
