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FHA Underwriting Guidelines

FHA Underwriting Guidelines 2025

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The document outlines the underwriting guidelines for Michigan Mutual, focusing on FHA-insured residential mortgages. It details the company's underwriting philosophy, loan requirements, restrictions, collateral eligibility, appraisal processes, and credit documentation standards. The guidelines emphasize adherence to FHA regulations while allowing for individual case assessments. Key points include minimum credit score requirements, acceptable property types, appraisal independence rules, and specific conditions for various loan transactions such as purchases and refinances.

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Click ‘Get Form’ to open the FHA Underwriting Guidelines in the editor.
Begin by reviewing the 'Loan Requirements' section. Fill in your credit score and ensure it meets the minimum of 640 as required.
Next, navigate to the 'Collateral Requirements' section. Input details about the property type you are applying for, ensuring it aligns with eligible collateral types.
Proceed to the 'Credit Documentation Requirements'. Here, provide necessary documentation such as verification of mortgage history and rental payment history.
In the 'Employment/Income' section, document your employment status and income sources accurately. Ensure all supporting documents are uploaded.
Finally, review all sections for completeness and accuracy before submitting your application through our platform for processing.

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Got questions?

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 are the underwriting requirements for an FHA loan?

Here are some of the things the FHA underwriter will look for during this process: Applicants credit score. Debt-to-income ratio. Employment history. Income documentation. Property appraisal. Loan-to-value ratio. Compliance with FHA guidelines. Borrowers financial reserves.

What will disqualify you from FHA?

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.

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