Our guides provide you with the Underwriting Requirements — the definitions, methods, calculations, documentation and other requirements — we use to determine whether a loan is eligible for MGIC mortgage insurance.
Our Underwriting Guide (UWG) provides the policy, procedures and requirements we use to evaluate loans for mortgage insurance. On a case-by-case basis, we will consider insuring loans that don’t meet requirements stated in our Guide.
We’ve organized our Guide as follows:
See our complete Underwriting Guide, last updated 02/17/17, or use the index below to access a specific section.
The following summaries highlight our most common loan programs. They do not replace our Underwriting Guide, which contains definitions and full details.
Construction-permanent loans – Excerpted from our Underwriting Guide, this piece explains your options for handling construction-permanent financing. Refer to our Guide for full details.
Special Market Underwriting Guidelines (SMUGs) – We continuously monitor internal and external data to evaluate markets nationwide and create Special Market Underwriting Guidelines (SMUGs) in response to market conditions. A loan secured by a property located in a Special Market is subject to SMUGs. SMUGs may expand or limit Underwriting Requirements.
Ineligible Project List for condos and co-ops – We base project eligibility on a number of factors, including our exposure and loan performance in each project. Project eligibility is subject to change. See our Condominium Project Eligibility Checklist for Standard Loans for additional information.
FHFA conforming loan limits – The Federal Housing Finance Agency restricts Fannie Mae and Freddie Mac to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit.” This FHFA web page provides those limits by county.