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Mortgage Underwriting Guidelines Explained

I'm here to help you understand the mortgage underwriting guidelines that will determine what your mortgage loan options are to purchase or refinance a home. You will understand mortgage loan qualification, mortgage approval, and mortgage loan pre approval based on the four major factors a mortgage lender considers; your credit history, income vs. debt, down payment or equity, and compensating factors.

You will learn:

  • What home loans you do and do not qualify for and WHY
  • The mortgage loan process including major Do's and Don'ts
  • How to prepare in advance to get approval
  • Credit repair and how to increase your credit score
  • FHA loan qualification
  • VA loan qualification
  • Home Equity loan qualification
  • The mortgage underwriting process
  • Mortgage Underwriting Guidelines

Understanding Mortgage Guidelines

This is an attempt at change. Mortgage underwriting guidelines determine your options when you purchase or refinance a home. You should prepare for your purchase months in advance especialy if it is your first home. If you want to refinance your home it is a good idea to make sure your credit is in order so you can qualify for the best rates available.

Do you understand the terms: mortgage approval, mortgage pre approval, loan qualification, and pre qualification? Many people are confused and miss led by these terms.

Mortgage pre approval, loan pre qualification are just what they indicate. It is a pre approval or pre qulification based on information submitted before verification of all documentation. After documentation verification the file goes to a mortgage underwriter who again verifies the information. The underwriter can also request any other documentation they feel is justified to strengthen the file.

When the underwriter is satisfied, you will receive an APPROVAL and CLEAR TO CLOSE. Then the actual closing is scheduled. But, don't go out and buy that new car yet. The lender will pull your credit the day you are to close to make sure you have not incured any new debt that could effect your loan qualification. If you have, they can cancel the loan as you are sitting to sign the documents. No Joke!

This site will also explain FHA mortgage qualification, VA mortgage qualification, home equity loan qualification, and bad credit mortgage approval. There are also several mortgage qualification calculators that you can play around with.

We have just put together two web sites that are focused just on FHA mortgage guidelines. If your interest is just FHA Loans you should visit these web sites. FHA Guidelines is focused at underwriters and mortgage professionals, while FHA Underwriting Guidelines is more focused toward the consumer or homebuyer. Of course if you have any questions we will be happy to answer them.

In today's market it is difficult to locate 100% Financing. I have found a 100% LTV product for you that has flexible credit guidelines. Not every person or every home will qualify but it is a government guaranteed mortgage.