This guide covers the HUD late payment guidelines for FHA loans in the past 12 months. Gustan Cho Associates is a mortgage lender licensed in multiple states with no overlays on government and conventional loans. Over 80% of our borrowers come to us after they were told they do not qualify by other lenders. Most…
This article is about the Verification of Rent on manual underwriting required by lenders. Verification of rent is one of the most important items borrowers can provide a residential mortgage lender to qualify for home loans even though rental payment history does not report on the three big credit bureaus. Transunion Experian Equifax Verification of…
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…
In this blog, we will discuss and cover compensating factors manual underwriting guidelines on FHA and VA loans. VA and FHA loans allow for manual underwriting. Fannie Mae and Freddie Mac do not allow manual underwriting on conventional loans. There are instances where borrowers cannot get approve/eligible per the automated underwriting system on VA and…