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FHA Manual Underwrite

The last post in this topic was posted 1624 days ago. 

 

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Does anybody have any experience or stories when it comes to FHA manual underwriting? I am currently waiting to hear back from our loan officer as our application has to go manual due to credit scores. Mid score is just below 580 due to high utilization and one late mortgage payment from July 2015 (due to a fire in our property). Employment, income and DTI are all acceptable. I realize I may have to wait until July 2016 due to the late mortgage payment but since we are going new construction that wont be a problem; homes are currently scheduled to begin closing in Augusts / September.

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They will be very critical of everything because if the scores

It can get done but honestly we dont usually hear many success stories when scores are that low

If you have strong compensating factors it will help your case

Large amount for a down payment - extra reserves

Long time stable employment - great debt to income - any of those will help

 

Good luck

 

Brian B

Mortgage Forum Lead

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My middle score was 600. Same job 15 years. No lates or baddies since 2013 after bk discharge. Closed on December 30. 3.5 percent down. 3 month reserves. Process was a night mare but carrington mortgage with he carrington loan got it done.

 

 

Sent from my iPhone using Tapatalk

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