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%.

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