Isn't all UW Manual? Or am I missing something here?
The New Rule will also raise the cost of how much you pay for MIP, which will start before June 1, 2013.
Was discussed in-depth previously at FHA updating policies
Mandatory manual undewriting only applies for lower than 620 FICO & greater than a 43% DTI.
I think the difference between "Automated UW" and "Manual UW" is what the computer spits out initially. If you get an approval from the computer underwriter, then the actual UW just needs to review the items that the computer said are required. If the computer says it needs a manual UW, then the actual UW needs to look over the loan app and make the decision of what they will need to see in order to qualify you.
Do you have to close before June 1 or be approved before then to avoid paying MIP for the life of the loan?
I believe you just need to have an FHA case number issued before the deadline. Case numbers are issued once you have a sales contract on a property and have made the actual loan application. I believe the case numbers are good for 6 months.