MANUAL UNDERWRITING
ON VA AND FHA LOANS
MANUAL UNDERWRITE
When the computer says no, it may be worth taking a closer look. Not all lenders can do manual underwrites.
FHA and VA loans may allow for manual underwriting, giving an underwriter the opportunity to review the complete financial picture instead of relying solely on an automated result.
Manual underwriting may be worth exploring if you have:
- Past bankruptcy, foreclosure or short-sale
- Less-than-perfect credit
- Previous late payments or credit challenges
- Strong rental or housing payment history
- Stable income and employment
- Cash reserves or other financial strengths
- Been declined by another lender
A REFER DOESN’T ALWAYS MEAN NO
Manual underwriting allows an underwriter to take a closer look at your credit history, income, assets, housing history and overall ability to repay the loan.
Not every lender offers the same manual underwriting options, and some lenders may have additional requirements beyond FHA or VA guidelines.
As a mortgage broker, Great Start Mortgage can review your situation and determine whether another lending option may be available.
ALREADY BEEN TOLD NO?
A previous denial or automated Refer does not always mean you are out of options.
Let us take another look without pulling your credit.
Give us a call.
Let’s Chat
MANUAL UNDERWRITES
We can’t promise you will be approved but we can at least get you going in a great direction.
Down Payments
The down payment on FHA loans is 3.5% unless you are below a 580 score and then it increases to 10%. VA is still 0% down all the way to a 500 score.
What’s the Story
Manual underwrites require some back story to help the underwriter understand you and why the credit history is struggling.
Time Heals
Recent payment history matters. The underwriter will look closely at how you have managed your housing payments and other obligations since the credit issue occurred.
Back on Track
Whether it was due to a divorce, losing a job, caring for a loved one or getting into a car crash, the underwriter will need to see that you are back in the driver seat with your finances under control.
WHERE TO START…
Already own a home? Consider refinancing or renovating with our Cash-Out, Rate/Term, and Renovation programs.
Why Choose Great Start Mortgage?
We’re a small, independent brokerage who treats every loan as if it were our own. You don’t fall into a database like the big box brokers… you work with us one-on-one every step of the way.
Our team compares multiple lenders to find the best loan for your needs. We listen, guide, and advise to set you up for success.
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Location
4495 W Hacienda Ave, Suite 11A
Las Vegas, NV 89118
Company Control Officer
Brian Stark
NMLS #1602373
Legal Info
GSM Consulting LLC
DBA Great Start Mortgage
NMLS #2138443
Consumer Access
Great Start Mortgage, 4495 W Hacienda Ave Ste 11A, Las Vegas, NV 89118
NMLS #2138443. Go here for the Great Start Mortgage NMLS Consumer Access Page
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As the borrower, you have the control. You have the ability to determine who does your mortgage and what your mortgage does for you. It is just another financial instrument in the world of capitalism that plays by a fixed set of rules that are put in place to protect you, the borrower. There are three factors that determine what you are able to do and that is credit, income and debt. For more information, visit the CFPB.