If you get an Automated Approval, loan officers will use this for your pre-approval. If you have a bad credit history, high debt to income ratios, or lack of down payment, the AUS will sometimes refer the loan to a manual underwrite, which could result in a longer turn time for your ...
Answer: The general rule for mostFHA,VA,USDAandConventionalloans is that we run your loan application through the Automated Underwriting systems, and it will tell us your max loan qualifying ratios. There are two ratios that matter when you qualify for a mortgage loan. The front-end ratio, ...
Residual income is a critical requirement for VA loan approvals, ensuring borrowers have enough to cover living expenses, including housing utilities, child care, and maintenance costs. If residual income falls below the threshold, loan approval may not be possible, regardless of credit score or de...