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Chapter
2
Mortgage Credit Guidelines
Page 2-12
When
the 29/41 ratio is exceeded, the lender is responsible for explaining
why it believes the mortgage is an acceptable risk on the Mortgage
Credit Worksheet (MCAW) in the "Remarks" section.
The lender must include on the MCAW any compensating factors used
in the loan approval. This does not apply for loans rated "acceptable"
or approved by an FHA-Approved Automated Underwriting System.
Please
see: HUD
Handbook 4155.1, REV-4, CHG-1, Paragraph 2-12 and 2-13 and Mortgagee
Letter 97-26.
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