Ever wonder why you get different product “guidelines” from different Lenders? We all have the same basic product guidelines for FHA, VA, USDA and Conventional loan programs, however, depending on who our end Investor is that we sell the servicing of the loan to, their overlays come into play and must be adhered to in order for that loan to be “saleable”. Thus the variance of items required to underwrite and approve a loan file.
Each time an Investor comes back to a Lender requesting additional information post closing, that Lender will add to their “items needed” list for that next FHA or VA, etc. file. It’s much easier to over ask upfront than to go back after the file is closed and gather items needed in order for that end Investor to purchase the loan.