Take the 30 second mortgage quiz to see if you qualify
Lender overlays are stricter standards imposed by lenders. For example, while the VA doesn’t set a minimum credit score, many big lenders require one. If you’ve been denied, it’s crucial to determine whether it’s due to your credit score or the property you’re trying to buy.
One of the best features of the VA home loan is its flexibility with credit. Unlike conventional loans, the VA program has no minimum credit score requirement. Instead, it evaluates your payment history and personal financial story. While this doesn’t guarantee approval for everyone, it does mean you may still qualify even if your credit score isn’t perfect.
Take the 30 second mortgage quiz to see if you qualify
Remember, getting a VA loan isn’t about fitting into a one-size-fits-all box. With the right approach, you can overcome lender overlays and achieve your homeownership goals.
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I can originate VA mortgage loans anywhere that I’m licensed.
I’m licensed in Alabama, Arkansas, Arizona, California, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.
Additionally, our team can originate mortgages in several additional states through our corporate referral program.
If you’ve been denied for a VA home loan by major lenders like Veterans United or Rocket Mortgage, don’t lose hope. You still have a strong chance of getting approved. The reason? Many big online lenders enforce additional rules known as lender overlays, which go beyond what the VA itself requires.
Manual underwriting is a process that involves a human underwriter reviewing an applicant’s financial information instead of an automated system. This process can be used for VA loans when the VA’s algorithm doesn’t approve an applicant, or when an applicant has certain negative items in their credit history.
Are you worried about your credit history affecting your chances of getting a VA home loan? In this video, we break down the VA’s rules regarding credit occurrences and explain how you can potentially overcome credit challenges.
Take the 30 second mortgage quiz to see if you qualify
