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HUD   >   Program Offices   >   Chief Human Capital Officer   >   Hudclips   >   Handbooks   >   HUDClips -> Housing Handbooks   >   HUDClips -> Mortgage Credit Analysis for Mortgage Insurance on One- to Four- (4155.1)
Mortgage Credit Analysis for Mortgage Insurance on One- to Four-Unit Mortgage Loans (4155.1)
Current Version: 

Handbook - 03/24/11: Handbook content updated with Mortgagee Letters 10-33 and 11-11. Handbook content updated to include non-policy edits.

Same revised 03/24/11 version linked by Chapters and Sections Table of Contents

CHAPTER 1:      Underwriting Review
      SECTION A:      General Information on the Underwriting Process
      SECTION B:      Documentation Requirements
      SECTION C:      Credit Reporting Requirements

CHAPTER 2:      Maximum Mortgage Amounts/Cash Investment Rqmts on Purchase Transactions
      SECTION A:      Calculating Maximum Mortgage Amounts on Purchase Transactions
      SECTION B:      Transactions Affecting Maximum Mortgage Calculations

CHAPTER 3:      Maximum Mortgage Amounts on Refinance Transactions
      SECTION A:      Refinance Transaction Overview
      SECTION B:      Maximum Mtg Amounts on No Cash Out/Cash Out Refinance Transactions
      SECTION C:        Maximum Mortgage Amounts on Streamline Refinances

CHAPTER 4:      Borrower Eligibility and Credit Analysis
      SECTION A:      Borrower Eligibility Requirements
      SECTION B:      Property Ownership Requirements and Restrictions
      SECTION C:      Borrower Credit Analysis
      SECTION D:      Borrower Employment and Employment-Related Income
      SECTION E:        Non-Employment Related Borrower Income
      SECTION F:       Borrower Qualifying Ratios

CHAPTER 5:      Borrower Funds to Close

      SECTION A:      Settlement Requirements
      SECTION B:      Acceptable Sources of Borrower Funds
      SECTION C:      Borrower Secondary Financing

CHAPTER 6:      Special Underwriting
      SECTION A:      Special Underwriting Instructions
      SECTION B:      ARMs
      SECTION C:      Streamline Refinances
      SECTION D:      Energy Efficient Mortgage Program
      SECTION E:       HOPE for Homeowners (H4H) Program
      SECTION F:       Refinance of Borrowers in Negative Equity Positions Program

CHAPTER 7:      Assumptions
CHAPTER 8:      [TBD]
CHAPTER 9:      Glossary

Old Version:



Transmittal and Certification PDF WORD
Table of Contents PDF WORD
Foreword PDF WORD
CHAPTER 1: Underwriting the Mortgage PDF WORD
CHAPTER 2: Mortgage Credit Analysis PDF WORD
CHAPTER 3: Documentation and other processing requirements PDF WORD
CHAPTER 4: Assumptions PDF WORD
APPENDIX I: Single Family HOC Jurisdictions PDF WORD
APPENDIX II: States with average closing costs at or below 2.10 PDF WORD