requirement: What Is An Underwriting Guideline Overlay? - 01/01/11 05:23 AM
Why does it sometimes seem that underwriting guidelines vary from mortgage company to mortgage company?  Well, it is because, sometimes they do.  Each agency (Fannie Mae, Freddie Mac, FHA, VA, USDA) sets the minimum guidelines for the approval of a mortgage that they will back if it defaults.  An overlay is when a mortgage lender adds an additional restriction to their guidelines.  One huge misconception is that
There are many types of overlays.  Some of the most common include:

When an Underwriter makes a condition that someone doesn't agree with, they are not just doing it because they want to.  There is a valid reason behind it. 

requirement: FHA Minimum Property Standards - 12/25/10 11:37 AM
With FHA mortgages continuing to take more of the market share, questions often arise regarding what are the potential repairs might be required when the buyer is obtaining an FHA mortgage.  In late 2005, HUD revised their minimum property standards requirements for FHA mortgages.  Prior to this change, even some of the most minor repairs might have required correction. 
FHA's minimum standards are much different today though.   Currently, HUD only requires the repair of conditions that exceed cosmetic and minor defects or normal wear and tear.  FHA Appraisers must still report all readily observable property defects.  The lender's FHA Underwriter must then … (7 comments)

requirement: FHA New Construction Documentation Requirements - 11/02/10 12:42 PM
FHA New Construction Documentation Requirements
New Construction < 1 Year
If property is one year old, provide Certificate of Occupancy to determine if less than 1 year.
Option A - New construction (one year old or less), where the local jurisdiction issues building permits AND performs local inspections/issues Occupancy Certificates (see * below)
Option B - New Construction (one year old or less), where the local jurisdiction does not issue a building permit AND a Certificate of Occupancy
All of the following are required to satisfy the requirements for obtaining a high ratio loan >90%: An Early Start Letter … (0 comments)

requirement: Before You Get Too Excited, No HUD Has NOT Lowered FHA Credit Score Requirements - 09/23/10 02:54 AM

Before you get too excited, no HUD has NOT lowered the credit score requirements for FHA loans.  I have seen several posts written over the last few weeks about the new credit score requirements that go into effect on October 4, 2010.  This is true.  However, the facts are not clearly stated.While I may have missed it, I have yet to see one post that informs reader that, prior to this announcement, HUD has NEVER had a MINIMUM credit score requirement for FHA loans.  Yes, you heard that correctly.  Since HUD created the FHA program in the National … (6 comments)

requirement: How Do I Know if a Condo Project is FHA Approved? - 07/15/10 02:46 PM
How Do I Know if a Condo Project is FHA Approved?
If you are interested in a condo and you will be using FHA financing, the project must be FHA approved.  To find out if a condo has been FHA approved, you can visit the Condominium Page on the HUD website.  There are a variety of ways to search to a project. 
You can search by:

City Zip code (I find that trying the zip code first is usually the easiest option) Condo name Condo ID
You may also need to search each approval method:
HRAP/DELRAP: New HUD Review and Approval Process … (4 comments)

Rodney Mason, VP of Mortgage Lending - AL, FL, GA, SC, & TN (Guaranteed Rate NMLS# 2611)

Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN

Atlanta, GA

More about me…

Guaranteed Rate NMLS# 2611

Address: 825 Juniper St NE, Atlanta, GA, 30308

Office: (404) 591-2453

Fax: (404) 601-8488

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