Are you planning on buying a house in Auburn or buying a house in Opelika and are wondering the best mortgage product for you? Maybe you have heard the term mortgage overlay and are wondering what it means. Technically speaking, a mortgage overlay are specific rules a lender follows ABOVE the published guidelines for lending money in the form of a mortgage. Each lender will usually have their own internal mortgage overlays that are applied to mortgage loans along with the rules set forth by Fannie Mae, Freddie Mac, FHA, VA and USDA.
The mortgage overlays are determined by the lender’s ability to handle risk as well as the current economic conditions. This means that the overlays can get stricter in tough economic times and become more lenient in prosperous times.
Details about Mortgage Overlays
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