Mortgage Underwriting Secrets Revealed
There are many mortgage programs out there with different mortgage guidelines for individuals with different circumstances. As a homebuyer going through the grueling process of obtaining a mortgage, (and we all know how grueling it can be) there is certain information homebuyers must know when it comes to the mortgage program guidelines and the mortgage underwriter enforcing the guidelines. Not all mortgage underwriters are alike nor do they think alike. It is important for you “the homebuyer” to know the program and know what you are getting yourself into. We have witnessed many homebuyers and borrowers get wrongly denied for mortgages only because the mortgage underwriter did not know or fully understand the mortgage guidelines. For instance, if you are going for a USDA loan you may find some mortgage underwriters who do not know the USDA guidelines and therefore they will default to the guidelines of an FHA loan instead. This is wrong. FHA and USDA are not one in the same and should not be treated as one in the same from any mortgage underwriter. There are lots of times when the mortgage underwriter does not have the final say or the final decision. The mortgage denials can be challenged and in many cases overturned. Many mortgage companies, mortgage banks, and mortgage lenders are hiring remote mortgage underwriters and some of them are very inexperienced and work from home. Therefore, they are not reviewing your mortgage loan to the fullest capacity that is needed and required. These types of mortgage underwriters are not taking into consideration much needed compensating factors to make the most use of your hard earned income. These mortgage underwriters are just punching in critical numbers to the mortgage desktop underwriting system and getting your final mortgage decision based on a computer generated algorithm. In this case, you are not a human being, you are simply a number. These types of decision making desktop systems make it easy for a mortgage underwriter to deny your mortgage loan based on the mortgage software of the computer not realizing there is a human being under the keyboard who desperately needs a home loan and a place to live. If you are denied for a mortgage loan and it doesn’t make sense, or if it doesn’t’ seem fair or right our suggestion to you would be to challenge the mortgage underwriting decision. Challenge your loan office who took your home mortgage loan application and challenge the mortgage underwriter as well as the manager in charge at the mortgage company. Do an online search for the mortgage program underwriting guidelines. If you are not sure what mortgage program you are being placed in simply ask your loan officer. Examples of programs would be FHA, USDA, VA or Conventional. Below are some helpful links for you to visit some websites that can help you find the mortgage underwriting guidelines that are program specific. Challenges make changes. If you have any program specific questions or if you have been wrongly denied and need help with the mortgage approval process please feel free to email me at: info@ratesarehot.com.
www.hud.gov type in mortgage underwriting guidelines in the search bar.
www.efanniemae.com - in the search bar type in mortgage underwriting guidelines, this one is a little tougher to navigate through but in your research you can find the program and the guidelines. Email me with any question info@ratesarehot.com.
www.Rurdev.usda.gov - type in mortgage underwriting guidelines in the search bar. This one is easy to navigate through.
