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VanDyk Mortgage welcomes your FHA Manual Underwrites.
We understand that sometimes a borrower's situation may
not fit neatly into an Automated Underwriting scenario.
However, manual underwrites sometimes bring with them greater risk. For that
reason, here are some of the basic guidelines that VanDyk Mortgage Government
Underwriters follow when reviewing a loan.
FHA Manual Underwrites should not have more than two of the following issues:
- Open Collections
- On jobs less than 2 years
- No credit score
- Credit score under 620
- Self-employed
- Using overtime exceeding 25% of total income to qualify
- No savings of their own into the transaction
In addition, your underwriter will
- Stay pretty strict to the 31% / 43% qualifying ratios
- Review all open credit to determine all payments have been made as agreed
in past 12 months
- Require good rental history (if applicable)
- Require credit explanation letters (if applicable)
- Require full documentation (i.e. 2 pay stubs, 2 years W2s, 2 months bank
statements, VOR, etc.) Reduced documentation on manual underwrites are not
allowed
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