Underwriting

As mortgage professionals, our shared goal is to prudently qualify as many borrowers as possible so they can successfully maintain homeownership.

By carefully reviewing borrowers’ Credit, Capacity, Capital and Collateral (the Four Cs), we can piece together a comprehensive picture of risk. The presence of a high-risk factor in any one of these categories doesn’t necessarily threaten successful homeownership. But when a number of interrelated, high-risk characteristics are present without sufficient offsets or compensating factors, their cumulative effect dramatically increases the likelihood of default. The perspective we gain from evaluating the Four Cs gives us insight to loan quality. Underwriting for quality is an acquired art — not a cut-and-dried science. While there are general principles that apply, every loan file represents a unique situation.

Underwriting guides

Look to our Underwriting Guide and summaries for our most current Underwriting Requirements, which outline loan, borrower and property eligibility for mortgage insurance coverage and provide an overview of our underwriting philosophy.

View our Underwriting Guide's table of contents

See our complete Underwriting Guide

View our underwriting summaries

View additional underwriting resources

Underwriting programs

MGIC Go! streamlined underwriting – for Agency Approve/Accept loans up to 97% LTV

Self-employed borrower cash flow analysis, tax year 2019 – Our editable, auto-calculating cash flow worksheets are ready to download

Housing Finance Agencies (HFAs) – We work closely with state and local Housing Finance Agencies (HFAs) and support these mission-driven mortgage investors with marketing, training, homebuyer education and certification programs and more

Portfolio Lending – Use MGIC MI to meet your community's diverse mortgage financing needs while reducing your exposure to credit risk, optimizing your capital utilization and reducing loan loss reserves

Refi-to-Mod (RTM) loans – Originate a new loan through refinancing while we processes it as a modification, keeping existing mortgage insurance coverage intact

HomeReady^® – an ideal option for low- to moderate-income families with minimal savings to apply toward the purchase of their first home

Home Possible^® – an ideal loan option for qualifying families with minimal savings to apply toward the purchase of their first home