VA Loans Mississippi Guidelines With No Lender Overlays


This BLOG On VA Loans Mississippi Guidelines With No Lender Overlays Was PUBLISHED On March 17th, 2019

Gustan Cho Associates are lenders with no overlays on VA Loans Mississippi.

Disabled veterans and those who are looking for an affordable state with a low cost of living are locating to Mississippi.

Qualifying For VA Loans Mississippi

Not all lenders have the same VA Lending Requirements.

  • All lenders require borrowers to meet minimum VA Guidelines by the Department of Veterans Affairs
  • However, every lender can have higher lending requirements called lender overlays
  • The higher requirements mandated by each individual lender is called overlays
  • Most lenders have overlays

Gustan Cho Associates is one of the very few national lenders that have no overlays just on VA Loans, but no overlays on government and conventional loans.

About VA Loans Mississippi

The Department Of Veterans Affairs does not mandate a minimum credit score requirements

  • The VA also does not have any minimum debt-to-income ratio maximum cap
  • Most lenders will require a 620 to 640 credit score
  • Most lenders will have debt-to-income ratio requirements of no greater than 41% to 50%
  • Gustan Cho Associates Mortgage Group has zero overlays on VA Loans
  • We recently closed a VA Loan with a borrower who had credit scores under 600 FICO with a 60% DTI
  • We just follow automated underwriting system findings

As long as the borrower gets an approve/eligible per AUS and can meet the conditions, we will approve and close the loan.

VA Loans Mississippi Eligibility Requirements And General Guidelines

Here are the minimum basic VA Guidelines:

  • The borrower needs to be active and/or retired member of the United States Military with a valid certificate of eligibility (COE)
  • The VA has no minimum credit score requirements
  • No debt-to-income ratio requirements
  • 100% financing with no down payment required
  • Outstanding collections and charged off do not have to be paid off 
  • Can purchase one to four unit property with 100% financing
  • Buyers normally do not have to worry about paying for closing costs
  • Closing costs are normally covered by sellers concessions and/or lender credit
  • Two-year waiting period after Chapter 7 Bankruptcy, foreclosure, deed in lieu of foreclosure, short sale
  • Borrowers can qualify for VA Loans during Chapter 13 Bankruptcy Repayment Plan with Trustee Approval via manual underwriting
  • No waiting period after Chapter 13 Bankruptcy discharged date

Starting VA Mortgage Pre-Approval Process With Direct Lender With No Overlays

Gustan Cho Associates are experts in originating and funding VA Loans Mississippi with no VA lender overlays. Borrowers who are either residents of Mississippi or looking to relocated to Mississippi, please contact us at 262-716-8151 or text us for faster response. Or email us at We are available 7 days a week, evenings, weekends, and holidays.

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