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Conventional Underwriting Guidelines

Conventional Underwriting Guidelines 2025

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The document outlines the Conventional Underwriting Guidelines for Michigan Mutual, detailing the requirements and restrictions for various mortgage products. It covers aspects such as loan requirements, collateral eligibility, appraisal processes, credit criteria, income verification, and specific guidelines for refinancing and purchasing transactions. The guidelines emphasize the importance of adhering to Fannie Mae standards while also addressing unique underwriting situations and ensuring fair lending practices.

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Click ‘Get Form’ to open the Conventional Underwriting Guidelines in the editor.
Begin by reviewing the Table of Contents to familiarize yourself with the various sections, such as Loan Requirements, Collateral Requirements, and Credit Documentation.
Fill out each section methodically. For example, under Loan Requirements, ensure you input your credit score and loan amount accurately.
In the Collateral Requirements section, specify the type of property and confirm it meets eligibility criteria outlined in the guidelines.
Complete the Credit Documentation section by providing necessary documents like pay stubs and tax returns as required.
Once all fields are filled out, review your entries for accuracy before saving or submitting your form.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What qualifies you for a conventional loan?

If your credit score is 620 or higher, youll have a chance to get approved for a conforming conventional loan. And if its in the mid- to upper-700s, youll have a better chance of qualifying for favorable terms on your new loan. Save for a down payment. What Is a Conventional Loan? - Experian Experian blogs what-is-a-conventio Experian blogs what-is-a-conventio

Why would I be denied a conventional loan?

Credit score is the most important factor in determining mortgage approval, but your income and debt levels, as well as the size of the loan vs. the homes value, are also major factors. Common Reasons Mortgage Applications Get Denied - Bankrate Bankrate mortgages reasons-mortga Bankrate mortgages reasons-mortga

Does a conventional loan require 20%?

Inadequate Property Condition A home appraisal for a conventional loan also assesses the overall condition of the property. If the home is in disrepair or has docHub maintenance issues, it may fail the appraisal. What Will Fail a Conventional Loan Appraisal? St. Louis Mortgage Consultants failing-a-conv St. Louis Mortgage Consultants failing-a-conv

What are the 3 Cs of conventional finance underwriting?

The 3 Cs of creditcharacter, capacity, and collateralare a widely-used framework for evaluating potential borrowers creditworthiness.

What are the underwriting guidelines?

Underwriting standards are guidelines set by banks and lending institutions for determining whether a borrower is worthy of credit (i.e. a loan). Underwriting standards help set how much debt should be issued, terms, and interest rates. These standards help protect banks against excessive risk and losses.

What are the guidelines for a conventional loan?

Conventional loan requirements 2025 Minimum credit score requirement of 620. Minimum down payment requirement of at least a 3% Maximum debt-to-income ratio of 43% (can be up to 49%, depending on qualifying factors)

What are Fannie Mae underwriting guidelines?

Fannie Mae guidelines: At a glance Minimum RequirementConventional purchaseConventional refinance Down payment 3% N/A Credit score 620 Rate-and-term refinance: 620 Cash-out refinance: 640 DTI ratio 45% to 50% 45% to 50% Maximum LTV 97% Rate-and-term refinance: 97% Cash-out refinance: 80% Jan 30, 2025

Conventional Underwriting Guidelines 2025

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