HOMESÍ by Supreme Lending

Basic information

QM program

• Conventional
• Home One
• Home Ready
• Home Possible
• USDA One-time Close Construction
• FHA
• FHA Streamline
• FHA ITIN
• VA
• VA Jumbo
• USDA

Loss payee

Supreme Lending, ISAOA/ATIMA 14801 Quorum Drive, Suite 300 Dallas, TX 75254

CPL or subordinate clause

N/A

Lock policies & fees

Lock policies

Lock extension

- Extension Availability: Yes, extensions are offered. - Cost Structure: Typically charged as a fee (often expressed in basis points, e.g., 0.025%–0.125% of the loan amount depending on the number of days extended). - Length Options: Common increments are 7, 15, or 30 days. - Policy: Extensions must be requested before the lock expires; once expired, the loan usually has to be relocked at current market pricing.

Relock

- Relock Availability: Yes, borrowers can relock after expiration. - Pricing Basis: The new lock is based on current market rates, not the expired lock terms. - Fees/Adjustments: may charge a relock fee or apply a pricing adjustment depending on how long the lock was expired. - Policy Note: Relock is different from an extension — extensions keep the original lock alive, while relock starts fresh at market pricing.

Lock & Shop

Yes

Lender's niche & overlays

Lender's niche

Supreme Lending’s niche lies in serving self-employed borrowers, real estate investors, and first-time homebuyers through specialized loan programs such as bank statement loans, DSCR investor loans, and exclusive down payment assistance programs.

Lender's overlays

Common Supreme Lending Overlays:

- Credit Score Minimums: FHA technically allows down to 580, but Supreme Lending generally requires 620–640 minimum FICO. Conventional loans often require 640–660 minimum FICO instead of the agency’s 620.

- Debt-to-Income (DTI) Ratios: Conventional loans capped at 45% DTI, even though Fannie Mae allows up to 50%. FHA loans capped at 55% DTI, while HUD technically allows higher with compensating factors.

- Manual Underwriting: Limited acceptance; requires strong compensating factors such as reserves or rental history.

- Property Restrictions:

Condos: Non-warrantable condos face stricter review.

Manufactured Homes: Higher credit score requirements and stricter appraisal standards.

- Income Documentation: Self-employed borrowers typically must provide two years of tax returns, even though agency guidelines sometimes allow one year.

Lender turn time

Initial underwrite (days)

2

CTC conditions review (days)

2

Initial CD (days)

1

Reviews