In this blog, we will cover and discuss extenuating circumstances guidelines on home loans. When you read the agency guidelines, there is a lot of text about extenuating circumstances. However, the agency guidelines are not specific what exactly classifies for an extenuating circumstance. The team at Gustan Cho Associates gets countless calls and email inquiries…
In this blog, we will cover what mortgage lenders consider compensating factors for manual underwriting on FHA and VA loans. FHA and VA loans are the only two mortgage loan programs allowing manual underwriting. Compensating factors are positive factors that add strength to borrowers. Mortgage lenders will take strong compensating factors for manual underwriting because…
In this guide on FHA manual underwriting, we will cover the manual underwriting guidelines on FHA loans and the eligibility requirements. FHA Manual Underwriting Guidelines apply for borrowers who cannot get approve/eligible per AUS. Borrowers who get referred/eligible per Automated Underwriting System may be able to qualify for manual underwriting. What Does Refer/Eligible per AUS Mean in…
Apply Now Many borrowers often ask the question what are compensating factors? Lenders are not required to originate and fund mortgage loans. Just because there are home loans that are insured by the government such as FHA, VA, and USDA Loans, It is not a requirement for lenders to follow the minimum government lending guidelines….
Apply Now The news of Fannie Mae making rent count towards mortgage automated underwriting system approve/eligible findings is huge news. What this means is if a borrower gets a refer/eligible per automated underwriting system findings (AUS), having rental verification could mean the refer/eligible can turn to an approve/eligible per automated underwriting system findings. The automated…
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