The mortgage industry has many unique and confusing terms and acronyms. We hope these descriptions help you to better understand the lending process.
Team Souther Glossary
There are 3 names in this directory beginning with the letter M.
This occurs when a borrower cannot get AUS approval. Underwriters evaluate the loan file manually and make a determination without the computer automation. Veterans who can't secure AUS approval tend to need great credit in order to get manual approval.
Minimum Property Requirements
These are basic health and safety conditions that a property must meet to satisfy the VA. They're also the conditions that make the home sellable. The VA in most cases requires homes to be "move-in ready."