Underwriting Guides
Underwriting Guide

MGIC's Underwriting Guide includes our current policies on topics such as loan, borrower and property eligibility.

1 MI Basics

1.01 Who is MGIC? 1.02 What is mortgage insurance? ·
1.03 Our underwriting philosophy · 1.04 Our fair-underwriting commitment · 1.05 Our commitment to quality · 1.06 Agency automated underwriting · 1.07 Emerging Markets

2 Applying for MGIC MI

2.01 How to apply for MGIC mortgage insurance ·
2.02 Submission methods · 2.03 MGIC MI application

3 Eligible Loans

3.01 Eligible properties · 3.02 LTV Calculation · 3.03 Maximum combined LTV (CLTV) · 3.04 Maximum home equity combined LTV (HCLTV) · 3.05 Maximum loan amortization period · 3.06 Eligible loan programs · 3.07 Eligible loan purposes · 3.08 Seller/builder contribution limits · 3.09 Loan program parameters

4 Borrower Eligibility

4.01 Eligible borrowers · 4.02 Occupancy status · 4.03 Maximum MGIC-insured loans (and total exposure) per borrower · 4.04 Qualification ratios · 4.05 Standard A credit · 4.06 A- Expanded Criteria credit · 4.07 Reduced Documentation credit · 4.08 Qualifying income · 4.09 Source of funds toward down payment · 4.10 Documentation requirements

5 Property Eligibility

5.01 Marketability & value· 5.02 Special property-type factors · 5.03 Property title requirements

6 MI Commitment/Certificate

6.01 What happens when a loan is approved for MGIC MI? ·
6.02 Terms and extensions · 6.03 Changes at or before closing · 6.04 Changes after coverage is activated · 6.05 Assumptions and loan modifications · 6.06 Incomplete or denied applications