So by manual underwriting, that means they dont use DU at all? I thought based on my experience all FHA loans were at some point individually looked at by a human underwriter?
PMI for the life of the loan will be applied to 30 yr loans, I don't beleive it will be asssed for the life of a loan on a 15 yr loan. At least that is what I thought I read, lol.....anyone else know for sure if it applies to only 30 yr loans?
The truth is, while it does matter what FHA minimum scores are according to FHA, the Lender overlay requirements is all that will matter.
If FHA minimum scores end up being 640, you can count on many lenders overlay requirements will increase also.
The lenders today saying FHA scores need to be 640, is just that Lenders overlay requirements.