In this blog, we will cover VA Manual Underwriting Guidelines During Chapter 13 Bankruptcy Repayment Period. VA loans are home loan programs for active and/or retired members of the United States Armed Services with a Certificate of Eligibility. The Certificate of Eligibility is also referred to as the COE. Only active-duty and retired members of…
This blog will cover and discuss manual underwriting credit guidelines on VA and FHA loans. VA and FHA allow for manual underwriting. Fannie Mae and Freddie Mac do NOT allow manual underwriting on conventional loans. According to Angie Torres, the National Operations Director at Non-QM Mortgage Lenders, manual underwriting is defined as follows: Manual Underwriting…
DTI manual underwriting guidelines on FHA and VA loans are similar. FHA and VA loans are the only two loan programs that allow manual underwriting on home mortgages. Many people are often confused about the differences between manual underwriting and automated underwriting system (AUS) approved files. Manual and AUS-approved underwriting is the same. However, with…
VA Guidelines After Bankruptcy: Qualifying for a VA Loan in 2024 If you’ve experienced bankruptcy, don’t give up on your dream of homeownership. The VA loan program offers one of the most flexible and forgiving paths to homeownership, even after financial setbacks like bankruptcy or foreclosure. For veterans and active-duty service members, the VA loan…
Credit Guidelines in Mortgage Underwriting Process: Your 2024 Guide to Mortgage Approval Purchasing or refinancing a home is one of the biggest financial steps you’ll take. Whether you’re a first-time homebuyer or looking to refinance, understanding how credit guidelines impact the mortgage underwriting process can help you prepare. This guide includes everything you need about…
Frequently Asked Questions About Compensating Factors on Manual Underwriting: 1. What is manual underwriting, and how does it help me get a mortgage? Manual underwriting is when a human underwriter reviews your mortgage application instead of a computer system. This can help you get approved if the automated system says no, especially if you have…
Whether buying a new home or refinancing your current one, a home appraisal is a critical step in the mortgage process. But the appraisal process can feel confusing and even a little intimidating if you’re like most homebuyers or homeowners. Don’t worry—we’ve got you covered! In this guide, we’ll break down everything you need to…
Verification of Rent: Why You Need it When Getting Approved for a Mortgage in 2024 Buying your first home is one of the biggest steps you’ll ever take. And if you’re like most people, you’ve been renting until now. Lenders look at many things when deciding whether to approve your mortgage application, but did you…
Refer Versus Approve/Eligible: What You Need to Know for Your FHA Loan Approval in 2024 Getting approved for a mortgage can feel like a huge mountain to climb, especially if you’ve got less-than-perfect credit or a higher debt-to-income ratio. If you’re applying for an FHA loan, understanding the difference between “refer” and “approve/eligible” is essential….
This Article Is About VA Guidelines Under 580 Credit Scores On VA Loans: VA loans do not have minimum credit score requirements. Mortgage companies need to follow the minimum VA agency mortgage guidelines. However, individual mortgage companies can have higher lending requirements higher than the minimum VA agency mortgage guidelines. The higher lender requirements imposed…
In this blog, we will cover and discuss how to get mortgage approval with under 600 credit scores in 2022 and which mortgage options is best. Many homebuyers do their due diligence on FHA Guidelines On Credit Scores and find out HUD has the easiest lenient guidelines for mortgage approval with under 600 credit scores….
This guide covers facts about VA home loans Veterans do not know. VA loans are the most popular loan program in the United States. However, not all home buyers or veterans can qualify. Home Buyers need to be veterans in one of the branches of the United States Military with a Certificate of Eligibility (COE)….
The FHA minimum credit score requirements to get mortgage approval on FHA loans is 500 FICO. One of the most common questions I have been getting recently from my viewers is what are FHA Minimum Credit Score Requirements to qualify for an FHA loan with a 3.5% down payment. Many folks who contact me are…
In this blog, we will cover and explain VA overlays imposed by mortgage lenders on VA home loans. VA loans are the best mortgage loan program in the United States. No other owner-occupant primary home loans come close to the benefits of VA loans. Private lenders offer VA loans at 100% financing where no down…
In this article, we will cover the FHA Underwriting Guidelines on home purchase and refinance transactions. In this paragraph, we will cover what are FHA underwriting guidelines. FHA Underwriting Guidelines are rules and regulations lenders need to follow on every mortgage loan application in order for that FHA Loan to be insured. HUD, the parent…