If you think all St George mortgage lenders are close to the same take a minute and read my post and you may be surprised. It has literally taken my years to find a lender or a small handful of lenders here in Southern Utah that are truly capable of getting the job done. On top of the basic ability and skill sets to get the job done there is this little known factor of overlays. Yes overlays. An overlay can and quite frequently keeps St George home buyers from buying a home or makers in difficult to impossible to obtain the loan. This leads to a major disappointment for all parties.
A great Realtor can and will make sure you are aided by competent St George mortgage lender with a proven track record of accomplishing the task.
So what is an overlay you ask? Well here is a simple definition…One important concept you should familiarize yourself with is the “lender overlay,” which is essentially an expanded guideline (or set of guidelines) on top of what Fannie Mae, Freddie Mac, or the FHA/VA will allow.” There are literally hundreds of overlays required by individual banks and lenders throughout the country. I have listed a ew examples right here.
They range from credit score (most common), to max loan-to-value, to max debt-to-income ratio, and much more. For instance, a streamline refinance may have no appraisal or credit score requirement, but a specific lender may want a certain minimum score and an appraisal. Additionally, the guidelines may indicate that you can get a new mortgage just days after a short sale if you remained current on payments, but most lenders will impose overlays to deny you.Lenders may also restrict the type of loan you can select, such as an adjustable-rate mortgage in certain situations.And even those nifty solar panels on the roof could present a problem if the lender doesn’t want to deal with the associated solar panel lease.In every situation, the lender is looking to mitigate risk to ensure loan quality is upheld and maintained.
So why would you want to go through a southern Utah mortgage lender that wants to burden you with unnecessary add ons? You don’t want that…do you? the great news is I can be your advocate and help eliminate most of the risks.
Call me today so I can give you a private tour and show you the inside of all the homes for sale that meet your criteria in Washington County in less than two hours! I can show you any home for sale in the St George area listed by any company anywhere in the city. Then you don’t have to keep searching for open houses on the weekend. We can go anytime you want. Let’s get you out there.
Contact me and I can help get you fully qualified because when you find that perfect home in southern Utah you will want to be ready to write the offer on your new home. You do not want to lose your dream home because someone had a strong qualification letter from their lender showing that they are capable of purchasing the home. Contact me and I can help direct you to the lender that will do the best job for your particular situation.
