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Overlays
#1
Do overlays Barry from lender to lender? If yes why?
 
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#2
Yes, every mortgage lender has their own overlays. For example, some mortgage lenders will have overlays on credit scores. Even though FHA only require 580 FICO CREDIT scores for a 3.5% down payment home purchase loan, a mortgage lender may require a 640 FICO credit score for a 3.5% down payment FHA loan. Many mortgage lenders also have overlays on debt to income ratios. One mortgage lender may have debt to income ratio overlays at 45%. Others like Plaza mortgage have debt to income ratio overlays at 50% for FHA loans. Stonegate has no debt to income ratio overlays. Flagstar has a 43% debt to income ratio overlays for credit scores under 640 FICO. United Wholesale Mortgage has debt to income ratio overlays of 45% under 680 FICO and 55% debt to income ratio overlays over 680 FICO. United Wholesale Mortgage has credit score overlays for FHA loans where they do not accept any credit scores under 640 FICO.

 
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