Monday, January 18th, 2010

How do you get an approval for a home loan with an automated approval system instead of having to do manual?

I just want to know what criteria needs to be in place to get approval the automated way instead of manual underwriting?

You get an automated approval if all these happen:
1) above credit score requirement…most need a 620
2) within ratio guidelines. varies w/ loan program but an avg ratio is 32/42.
3) have needed reserves to close
4) have no collections or late payments on credit in past 12 months
5) have no open judgments

If you don’t have all of these you will have to go manual and get an exception. Shouldn’t be a problem if you have the required documentation.

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7 Responses to “How do you get an approval for a home loan with an automated approval system instead of having to do manual?”

Doctor Deth Says:
January 18th, 2010 at 3:17 pm

no loan is approved by a computer
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Arbor Mortgage Says:
January 18th, 2010 at 3:41 pm

There is no set criteria for gaining automated approval from one of the Desktop Underwriting systems. The programs use a layered risk formula to calculate approval and one criteria may work for one person but not another. The biggest things they look for that will help your approval chance are:

*Higher credit scores – ideally over 740
*Low loan to value – meaning the amount you are borrowing is quite a bit less than the appraised value
*Liquid reserves – if you have money saved after your loan closes, that helps a lot. This can be a bank account, or even a 401k or retirement fund.
*Good job history – longer job time helps
*Low debt to income ratio

Even automated approvals are still ultimately reviewed by an underwriter, though, so there could still be additional conditions to your approval. Good luck!
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curse08 Says:
January 18th, 2010 at 4:07 pm

You get an automated approval if all these happen:
1) above credit score requirement…most need a 620
2) within ratio guidelines. varies w/ loan program but an avg ratio is 32/42.
3) have needed reserves to close
4) have no collections or late payments on credit in past 12 months
5) have no open judgments

If you don’t have all of these you will have to go manual and get an exception. Shouldn’t be a problem if you have the required documentation.
References :

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January 18th, 2010 at 4:48 pm

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