Announcement 2021-015 - FHA VA and USDA Overlay Removals

Effective immediately, NewRez has reduced credit scores and debt-to-income ratios for FHA, VA, and USDA loan transactions. Below are highlights of the overlay removals (or revisions), however our product profiles must be referenced for complete details. All changes are not noted in this announcement. All updates are notated in red.


Highlights of Overlay Removals


  • Minimum 580 credit score, as applicable
  • No credit score for Portfolio Non-credit Qualifying Streamline Refinance transactions
  • Reduced credit scores for Non-Portfolio FHA Streamline Refinances, all VA IRRRLs, and USDA Streamlined and Streamlined Assist Refinance transactions
  • Debt to income ratios, at higher credit scores, have been removed



Please reference the NewRez Lending Library for the changes outlined in this announcement.