Lenders In Chicago With No VA Lender Overlays

This BLOG On Lenders In Chicago With No VA Lender Overlays Was Written By Gustan Cho

If you are looking for Lenders In Chicago With No VA Lender Overlays, you came to the right place. VA Lender Overlays are Lender Overlays that is above and beyond the VA Guidelines imposed by private mortgage lenders. Lenders do not have to approve a VA borrower with just the minimum VA minimum guidelines. Lenders can have higher credit and income standards on VA home loans they originate and fund. These additional guidelines are called VA Lender Overlays. Most mortgage lenders will have lender overlays. The smaller the mortgage banking company the more overlays the lender will have. Chicago and the Chicago suburbs has one of the biggest populations in the country and a substantial amount of Chicagoans are Veterans of the U.S. Military. The Gustan Cho Team at Nationwide Mortgage and Realty are experts in originating and funding VA home loans in Chicago with no overlays. If you are looking and shopping for Lenders with no overlays on VA mortgages in Chicago, you have come to the right place.

The United States Department of Veteran Affairs is in charge of VA Loans. The Veterans Administration or VA is not a mortgage lender.

This is the function of the U.S. Veterans Administration:

  • The Veterans Administration is not a mortgage lender
  • The function and role of VA when it comes to home loans is to insure and guaranty VA mortgages
  • Private mortgage lenders are who originate and close on VA insured loans and not the Department of Veterans Affairs
  • VA insures and guarantees VA home loans originated and funded by private lenders in the event the loans they have originated and funded defaults and goes into foreclosure and the lender loses money
  • Mortgage lenders are more than eager and willing to finance VA mortgage loans due to the guarantee of the government
  • Mortgage lenders are able to offer VA mortgages with no money down by Veterans at phenomenal lower mortgage interest rates than Conventional Loans due to the guarantee by the United States Department of Veteran Affairs
  • VA home loans do not require mortgage insurance premium due to the guarantee of the Veterans Administration
  • VA does mandate Residual Income Requirement
  • The U.S. Department of Veteran Affairs have extremely lenient mortgage lending guidelines on VA Loans
  • Most mortgage lenders have VA Lender Overlays
  • The Gustan Cho Team at Nationwide Mortgage and Realty LLC has no lender overlays on VA Loans. The only requirement is a borrower needs a 580 FICO Credit Score
  • There are no debt to income ratio requirement on VA mortgage loans. Most lenders will have debt to income ratio caps set at 41% to 50% DTI on VA Loans. However, this is not a VA Requirement BUT a Lender Requirement and part of their VA Lender Overlays

What Are VA Mortgages?

VA Mortgages are the best mortgage loans that anyone can have. VA home loans are very easy to qualify for and has countless of benefits. Unfortunately, not everyone can qualify for VA mortgages. The United States Government only rewards them to Veterans of the United States Armed Services who served in the U.S. Military and has a valid Certificate of Eligibility. A Certificate of Eligibility is also called a COE and this COE is the VA Loan Eligibility for Veterans with honorable discharges.

Here Are The Mechanics Of VA Loans:

  • Loans For Veterans are only for Veterans with honorable discharge of the U.S. Military with a COE
  • No down payment requirement
  • U.S. Department of Veterans Affairs guarantees 100% Financing with no down payment required from the home buyer and no closing costs required by the Veteran as long as the Veteran home buyer can get a sellers concession and/or lender credit for closing costs
  • This type of loans offers the lowest mortgage interest rates out of any mortgage loan program in the country for American veterans. Mortgage Lenders feels safe on VA Loans because of the government guarantee.
  • Low risk means low rates and the government guarantee on VA Loans means low risk

How Do Veterans Qualify For VA Loans?

If you are a Veteran of the United States Armed Services and know that you have an entitlement for a VA Home Loan, and loan officer from a bank or mortgage company can help you qualify for a VA Loan. If you are shopping for a Lender With No VA Lender Overlay, you can contact me at 262-716-8151 or email me at gcho@gustancho.com if you have problems with the following:

VA mortgages are one of the easiest mortgage programs you can qualify for. If you are a Veteran and are told that you do not qualify for a VA mortgage but qualify for a FHA Loan, it is because the lender you consulted with has VA Lender Overlays. The Gustan Cho Team at Nationwide Mortgage and Realty does not have VA Lender Overlays.

Gustan Cho NMLS 873293 Of The Gustan Cho Team

  • Email: gcho@gustancho.com
  • Direct: 1-262-878-1965
  • Cell: 262-716-8151 Please Text For Faster Response With Contact Information Including Email Address
The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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