Posted on: 17th May, 2012 12:44 am
We got a full approval-accept for FHA through AU and are now looking for a property. My middle score is now around 737. So I'm wondering if we will definitely go to manual underwriting. My down payment is gift-funded, but fully documented. I thought everyone was manually underwritten, but I have now seen in some posts that it seems like some folks do not have to be manually underwritten. Is this the case?
Hi Savana,
As far as I know, manual underwriting is bank's way of cross checking the information provided by you. So, I think majority of the banks will go for manual underwriting.
Take care
As far as I know, manual underwriting is bank's way of cross checking the information provided by you. So, I think majority of the banks will go for manual underwriting.
Take care
Manual underwriting is generally only used if you are not receiving a DU or LP accept/eligible. If you have something in the file, that DU did not like, it will refer, or give you other codes. If your file meets FHA requirements, but lets say you have no credit history, then you would be downgraded to a manual underwrite, using non traditional credit. Most every loan is underwritten through a AUS system. Good luck-
