Radian is pleased to introduce the new One Underwrite program, which further aligns MI eligibility with Fannie Mae Desktop Underwriter (DU) and Freddie Mac Loan Prospector (LP) approval recommendations and eliminates the concept of a double underwrite for MI eligibility.
THIS IS HUGE!!!! I PERSONALLY HATE THE STRESS OF THE DOUBLE UNDERWRITE.
When you get an approval for a loan that needs mortgage insurance that's only one-half of the battle. The loan is then re-underwritten by the M.I., or mortgage insurance company. Not anymore!!!!
With this program customers can qualify loans for Radian MI with an Approve/Eligible or Accept/Eligible AUS recommendation from DU or LP, plus the following five underwriting overlays:
- A minimum FICO score of 620.
- A minimum 3% contribution from the borrower's own funds.
- Investment properties are not eligible.
- 3 - 4 units are not eligible.
- Attached condominiums and cooperatives in Clark County, Nevada and Miami-Dade and Broward County, Florida are not eligible.
In addition, One Underwrite will:
- Be available for Fannie Mae Homestyle Renovation loans, allowing activation of the commitment prior to completion.
- Eliminate Radian's condominium project overlays and subordinate financing restrictions.
- Allow for reduced appraisal documentation.
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