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Don't Let Underwriting Overlays Hijack your Mortgage Approval
 
All too often these days, we hear about mortgage applications being denied due to tight underwriting guidelines.  Often is not the standard underwriting guidelines of FHA, USDA, VA, Fannie Mae or Freddie Mac that is tripping up these loan files but the restrictions of the lender itself. 
Sometimes it may seem like these conditions pop up out of nowhere but they do not.  Underwriters work for the lender and they are paid to underwrite each file according to the written underwriting manual published by that lender.  Even though sometimes it seems like they just make this stuff up as they go along, they don't.  Each lender publishes these underwriting manuals for loan officers to check as well, it is really simply just a matter of reading them.   Potential snags in the underwriting process can typically be avoided by selecting a loan officer who has taken the time to familiarize themselves with the individual requirements of the lenders. 
 
So who really makes  up these underwriting guidelines any way?
When it comes to underwriting guidelines, FHA, USDA, VA, Fannie Mae and Freddie Mac all have their own set of standard guidelines that must be met in order for a mortgage to be either guaranteed, insured or sold to them.  ... more

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