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…
If you’ve had late payments in the past year, you may be wondering if you can still qualify for an FHA loan. The good news is that, with the right lender and guidance, you can. At Non-QM Mortgage Lenders, we specialize in helping borrowers who other lenders have turned away. We don’t have overlays, which…
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…
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…