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FHA Underwriting Guidelines

FHA Underwriting Guidelines 2025

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The document outlines the FHA Underwriting Guidelines as established by Michigan Mutual, detailing the requirements and restrictions for various loan types including purchase, refinance, and streamline loans. It covers topics such as loan eligibility, collateral requirements, appraisal processes, borrower qualifications, credit score criteria, and specific guidelines for properties in disaster areas. The document emphasizes adherence to FHA standards while allowing for certain exceptions based on individual circumstances.

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What does FHA mean?

The Federal Housing Administration (FHA) provides mortgage insurance on single-family, multifamily, manufactured home, and hospital loans made by FHA-approved lenders throughout the United States and its territories.

What is the downside to an FHA loan?

With FHA loans, you also have to pay an upfront mortgage insurance fee. This can be financed, but it will cause your mortgage insurance payments to be more expensive than with a conventional mortgage. Inspection standards: To qualify as an FHA-eligible property, a home must go through a property standards inspection.

What are the FHA guidelines?

The FHA mandates that the loan-to-value (LTV) ratio cannot exceed 96.5% of the value of a home with an FHA loan. In other words, you can have a down payment as low as 3.5% of the purchase price, meaning you can qualify for FHA financing of up to 95.5% of the propertys value.

What is the maximum DTI for FHA manual underwrite?

FHA loans limit the front-end ratio to 31% and the back-end ratio to 43%. Borrowers with compensating factors could have a DTI ratio up to 50%. Compensating factors include residual income and cash reserves.

What are the new FHA guidelines?

FHA Credit Requirements for 2025 ▶ FHA Loan applicants must have a minimum FICO score of 580 to qualify for the low down payment advantage which is currently at 3.5%. If your credit score is below 580, the down payment requirement is 10%. You can see why its important that your credit history is in good standing.