Only VA Loans (OVAL)

OVAL Overlays

• Only VA Loans (OVAL)

• No Single Wide Manufactured Housing

• Minimum FICO score of 580

• Manual Underwrite Overlays

    o Manual VA 580-620:

        • Residual must support 120%

        • Max DTI 50%

        • No Late Payments of any kind within the past 12 months

        • Payment Shock not to exceed 1.5% of current housing.

        • Stable Employment

    o DTI Above 50.01% – not to exceed 55% - VA Manual 580 Credit Score

        • Residual must support 150%

        • No Late Payments of any kind within the past 12 months

        • Payment Shock not to exceed 1.5% current housing.

        • 2-3 Months reserves

    o Cannot Exceed 55% DTI Unless AUS Approved.

• No construction-Permanent Loans

• No Renovation Lending

• No EEM

• No MCC or DPA Loan Programs

• Maximum Loan Amount of $2MM

• Underwriting turn time is 24-48 hours.