source:
  type: guide
  id: hud-4000-1-ii-d-final-underwriting-decision-manual
  authority: FHA Single Family Housing Policy Handbook 4000.1, Part II — d. Final
    Underwriting Decision (Manual) (08/19/2024)
  description: FHA Single Family Housing Policy Handbook 4000.1, Part II — d. Final
    Underwriting Decision (Manual) (08/19/2024).
  coverage_tier: operative
obligations:
- id: hud-4000-1-ii-d-final-underwriting-decision-manual-full
  canonical_id: hud-4000-1-ii-d-final-underwriting-decision-manual-full
  section: FHA Single Family Housing Policy Handbook 4000.1, Part II — d. Final Underwriting
    Decision (Manual) (08/19/2024)
  type: do
  tags:
  - regulator-direct
  - fha
  - hud-handbook
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: FHA Single Family Housing Policy Handbook 4000.1, Part II — d. Final
      Underwriting Decision (Manual) (08/19/2024)
    source_class: hud-handbook
    source_url: https://www.hud.gov/hud-partners/single-family-handbook-4000-1
    snapshot_id: 8c03836f77f317e1
    fetched_at: '2026-05-23T00:28:40Z'
    content_hash: sha256:411430f29b13f9b54a2ebb0e6f6e7087ecd2b90d0da22eb0c8c792eaa2d7d0df
    paragraph_quote: 'd. Final Underwriting Decision (Manual) (08/19/2024) The Direct
      Endorsement (DE) underwriter is ultimately responsible for making an underwriting
      decision on behalf of their Direct Endorsement Mortgagee in compliance with
      HUD requirements. i. Duty of Care/Due Diligence (Manual) The underwriter must
      exercise the same level of care that would be used in underwriting a Mortgage
      entirely dependent on the Property as security. Compliance with FHA requirements
      is deemed to be the minimum standard of due diligence required in originating
      and underwriting an FHA-insured Mortgage. ii. Specific Underwriter Responsibilities
      (Manual) The underwriter must review each Mortgage as a separate and unique
      transaction, recognizing that there may be multiple factors that demonstrate
      a Borrower’s ability and willingness to make timely Mortgage Payments to make
      an underwriting decision on behalf of their Direct Endorsement Mortgagee in
      compliance with HUD requirements. The underwriter must evaluate the totality
      of the Borrower’s circumstances and the impact of layering risks on the probability
      that a Borrower will be able to repay the mortgage obligation according to the
      terms of the Mortgage. As the responsible party, the underwriter must: • review
      appraisal reports, compliance inspections, and credit analyses to ensure reasonable
      conclusions, sound reports, and compliance with HUD requirements regardless
      of who prepared the documentation; • determine the acceptability of the appraisal,
      the inspections, the Borrower’s capacity to repay the Mortgage, and the overall
      acceptability of the Mortgage for FHA insurance; • identify any inconsistencies
      in information obtained by the Mortgagee in the course of reviewing the Borrower’s
      application regardless of the materiality of such information to the origination
      and underwriting of a Mortgage; and • resolve all inconsistencies identified
      before approving the Borrower’s application, and document the inconsistencies
      and their resolutions of the inconsistencies in the file. II. ORIGINATION THROUGH
      POST-CLOSING/ENDORSEMENT A. Title II Insured Housing Programs Forward Mortgages
      5. Manual Underwriting of the Borrower Handbook 4000.1 361 Last Revised: 11/26/2025
      The underwriter must identify and report any misrepresentations, violations
      of HUD requirements, and fraud to the appropriate party within their organization.
      iii. Underwriting of Credit and Debt (Manual) The underwriter must determine
      the creditworthiness of the Borrower, which includes analyzing the Borrower’s
      overall pattern of credit behavior and the credit report. See Credit Requirements
      (Manual). The lack of traditional credit history or the Borrower’s decision
      to not use credit may not be used as the sole basis for denying the mortgage
      application. Compensating factors cannot be used to compensate for any derogatory
      credit. The underwriter must ensure that there are no other unpaid obligations
      incurred in connection with the mortgage transaction or the purchase of the
      Property. iv. Underwriting of Income (Manual) The underwriter must review the
      income of a Borrower and verify that it has been supported with the proper documentation.
      See Income Requirements (Manual). v. Underwriting of Assets (Manual) The underwriter
      must review the assets of a Borrower and verify that they have been supported
      with the proper documentation. See Asset Requirements (Manual). vi. Verifying
      Mortgage Insurance Premium and Mortgage Amount (Manual) The underwriter must
      review the MIP and mortgage amount and verify that they have been supported
      with the proper documentation. See underwriting. vii. Calculating Qualifying
      Ratios (Manual) (A) General Information about Qualifying Ratios For all transactions,
      except non-credit qualifying Streamline Refinances, the underwriter must calculate
      the Borrower’s Total Mortgage Payment to Effective Income Ratio (PTI) and the
      Total Fixed Payment to Effective Income ratio, or DTI, and verify compliance
      with the ratio requirements listed in the Approvable Ratio Requirements (Manual)
      chart. The Mortgagee must exclude any obligation that is wholly secured by existing
      assets of the Borrower from the calculation of the Borrower’s debts, provided
      the assets securing the debt are also not considered in qualifying the Borrower.
      II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT A. Title II Insured Housing
      Programs Forward Mortgages 5. Manual Underwriting of the Borrower Handbook 4000.1
      362 Last Revised: 11/26/2025 (B) Calculating Total Mortgage Payment The total
      Mortgage Payment includes: • P&I; • real estate taxes; • Hazard Insurance; •
      Flood Insurance as applicable; • MIP; • HOA or condominium association fees
      or expenses; • Ground Rent; • special assessments; • payments for any acceptable
      secondary financing; and • any other escrow payments. The Mortgagee may deduct
      the amount of the Section 8 Housing Choice Voucher if it is paid directly to
      the Servicer. (1) Estimating Real Estate Taxes The Mortgagee must use accurate
      estimates of monthly tax escrows when calculating the total Mortgage Payment.
      In New Construction cases and Manufactured Homes converting to real estate,
      property tax estimates must be based on the land and improvements. Where real
      estate taxes are abated, Mortgagees may use the abated amount provided that
      (1) the Mortgagee can document the abated amount with the taxing authority and
      (2) the abatement will remain in place for at least the first three years of
      the Mortgage. (2) Condominium Utility Expenses The portion of a condominium
      fee that is clearly attributable to utilities may be subtracted from the HOA
      fees before computing qualifying ratios, provided the Borrower provides proper
      documentation, such as statements from the utility company. (3) Temporary Interest
      Rate Buydowns The Mortgagee must use the Note rate when calculating principal
      and interest for Mortgages that involve a temporary interest rate buydown. (C)
      Calculating Total Fixed Payment The total fixed payment includes: II. ORIGINATION
      THROUGH POST-CLOSING/ENDORSEMENT A. Title II Insured Housing Programs Forward
      Mortgages 5. Manual Underwriting of the Borrower Handbook 4000.1 363 Last Revised:
      11/26/2025 • the total Mortgage Payment; and • monthly obligations on all debts
      and liabilities. viii. Approvable Ratio Requirements (Manual) The maximum Total
      Mortgage Payment to Effective Income Ratio (PTI) and Total Fixed Payments to
      Effective Income Ratio, or DTI, applicable to manually underwritten Mortgages
      are summarized in the matrix below. The qualifying ratios for Borrowers with
      no credit score are computed using income only from Borrowers occupying the
      Property and obligated on the Mortgage. Non-occupant co-Borrower income may
      not be included. Lowest Minimum Decision Credit Score Maximum Qualifying Ratios
      (%) Acceptable Compensating Factors 500-579 or No Credit Score 31/43 Not applicable.
      Borrowers with Minimum Decision Credit Scores below 580, or with no credit score
      may not exceed 31/43 ratios. Energy Efficient Homes may have stretch ratios
      of 33/45. 580 and above 31/43 No compensating factors required. Energy Efficient
      Homes may have stretch ratios of 33/45. 580 and above 37/47 One of the following:
      • verified and documented cash Reserves; • minimal increase in housing payment;
      or • residual income. 580 and above 40/40 No discretionary debt. 580 and above
      40/50 Two of the following: • verified and documented cash Reserves; • minimal
      increase in housing payment; • significant additional income not reflected in
      Effective Income; and/or • residual income. ix. Documenting Acceptable Compensating
      Factors (Manual) The following describes the compensating factors and required
      documentation that may be used to justify approval of manually underwritten
      Mortgages with qualifying ratios as described above. II. ORIGINATION THROUGH
      POST-CLOSING/ENDORSEMENT A. Title II Insured Housing Programs Forward Mortgages
      5. Manual Underwriting of the Borrower Handbook 4000.1 364 Last Revised: 11/26/2025
      (A) Energy Efficient Homes (1) Standard For Mortgages on New Construction, the
      Borrower is eligible for the EEH stretch ratios when the Property meets or exceeds
      the higher of: • the latest energy code standard that has been adopted by HUD
      through a Federal Register notice; • the applicable International Energy Conservation
      Code (IECC) year used by the state or local building code; or • a Manufactured
      Home that is certified as ENERGY STAR to their Quality Assurance Provider and
      ensure that an ENERGY STAR label is affixed, commonly found near the HUD Data
      Plate or inside the electric panel cover of the home. For Mortgages on Existing
      Construction, the Borrower is eligible for the EEH stretch ratios when the property
      meets either of the following conditions: • homes that currently score a “6”
      or higher on the Home Energy Score scale; • homes where documented cost-effective
      energy improvements, as identified in the Home Energy Score Report, would increase
      a home’s score to a “6” or higher are completed prior to closing, or in association
      with FHA’s 203(k), Weatherization, EEM or Solar and Wind programs; or • a Manufactured
      Home that is certified as ENERGY STAR to their Quality Assurance Provider and
      ensure that an ENERGY STAR label is affixed, commonly found near the HUD Data
      Plate or inside the electric panel cover of the home. (2) Required Documentation
      The following documents must be included in the case binder submitted for endorsement:
      • For Mortgages on Existing Construction, a copy of the Home Energy Score Report,
      or a photo of the ENERGY STAR label on a Manufactured Home. • For Mortgages
      on New Construction, a copy of form HUD-92541, Builder''s Certification of Plans,
      Specifications, and Site, to evidence the IECC code, successor code, or local/state
      building code used; or the manufacturer’s invoice of the Manufactured Home indicating
      that the unit is ENERGY STAR qualified. (B) Verified and Documented Cash Reserves
      Verified and documented cash Reserves may be cited as a compensating factor
      subject to the following requirements. II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT
      A. Title II Insured Housing Programs Forward Mortgages 5. Manual Underwriting
      of the Borrower Handbook 4000.1 365 Last Revised: 11/26/2025 • Reserves are
      equal to or exceed three total monthly Mortgage Payments (one and two units);
      or • Reserves are equal to or exceed six total monthly Mortgage Payments (three
      and four units). Reserves are calculated as the Borrower’s total assets as described
      in Asset Requirements (Manual) less: • the total funds required to close the
      Mortgage; • Gifts; • borrowed funds; and • cash received at closing in a cash-out
      refinance transaction or incidental cash received at closing in the mortgage
      transaction. (C) Minimal Increase in Housing Payment A minimal increase in housing
      payment may be cited as a compensating factor subject to the following requirements:
      • the new total monthly Mortgage Payment does not exceed the current total monthly
      housing payment by more than $100 or 5 percent, whichever is less; and • there
      is a documented 12 month housing payment history with no more than one 30 Day
      late payment. In cash-out transactions all payments on the Mortgage being refinanced
      must have been made within the month due for the previous 12 months. • If the
      Borrower has no current housing payment Mortgagees may not cite this compensating
      factor. The Current Total Monthly Housing Payment refers to the Borrower’s current
      total Mortgage Payment or current total monthly rent obligation. (D) No Discretionary
      Debt No discretionary debt may be cited as a compensating factor subject to
      the following requirements: • the Borrower’s housing payment is the only open
      account with an outstanding balance that is not paid off monthly; • the credit
      report shows established credit lines in the Borrower’s name open for at least
      six months; and • the Borrower can document that these accounts have been paid
      off in full monthly for at least the past six months. Borrowers who have no
      established credit other than their housing payment, no other credit lines in
      their own name open for at least six months, or who cannot document that all
      other accounts are paid off in full monthly for at least the past six months,
      do not qualify under this criterion. Credit lines not in the Borrower’s name
      but for which they are an authorized user do not qualify under this criterion.
      II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT A. Title II Insured Housing
      Programs Forward Mortgages 5. Manual Underwriting of the Borrower Handbook 4000.1
      366 Last Revised: 11/26/2025 (E) Significant Additional Income Not Reflected
      in Effective Income Additional income from Overtime, Bonuses, Part-Time or Seasonal
      Employment that is not reflected in Effective Income can be cited as a compensating
      factor subject to the following requirements: • the Mortgagee must verify and
      document that the Borrower has received this income for at least one year, and
      it will likely continue; and • the income, if it were included in gross Effective
      Income, is sufficient to reduce the qualifying ratios to not more than 37/47.
      Income from non-borrowing spouses or other parties not obligated for the Mortgage
      may not be counted under this criterion. This compensating factor may be cited
      only in conjunction with another compensating factor when qualifying ratios
      exceed 37/47 but are not more than 40/50. (F) Residual Income Residual income
      may be cited as a compensating factor provided it can be documented and it is
      at least equal to the applicable amounts for household size and geographic region
      found on the Table of Residual Incomes By Region found in the Department of
      Veterans Affairs (VA) Lenders Handbook - VA Pamphlet 26-7, Chapter 4.9 b and
      e. (1) Calculating Residual Income Residual income is calculated as total Effective
      Income of all occupying Borrowers less: • state income taxes; • federal income
      taxes; • municipal or other income taxes; • retirement or Social Security; •
      total fixed payment; • estimated maintenance and utilities; • job related expenses
      (e.g., child care); and • the amount of the Gross Up of any Nontaxable Income.
      If available, Mortgagees must use Tax Returns and where applicable, state tax
      returns, from the most recent tax year to document state and local taxes, retirement,
      Social Security, and Medicare. If tax returns are not available, Mortgagees
      may rely upon current pay stubs. For estimated maintenance and utilities, Mortgagees
      must multiply the Gross Living Area of the Property by the maintenance and utility
      factor found in the Lenders Handbook - VA Pamphlet 26-7. II. ORIGINATION THROUGH
      POST-CLOSING/ENDORSEMENT A. Title II Insured Housing Programs Forward Mortgages
      5. Manual Underwriting of the Borrower Handbook 4000.1 367 Last Revised: 11/26/2025
      (2) Using Residual Income as a Compensating Factor To use residual income as
      a compensating factor, the Mortgagee must count all members of the household
      of the occupying Borrower without regard to the nature of their relationship
      and without regard to whether they are joining on title or the Note to determine
      “family size.” Exception The Mortgagee may omit any individuals from “family
      size” who are fully supported from a source of verified income which is not
      included in Effective Income in the mortgage analysis. These individuals must
      voluntarily provide sufficient documentation to verify their income to qualify
      for this exception. From the table provided in Lenders Handbook - VA Pamphlet
      26-7, select the applicable mortgage amount, region and household size. If residual
      income equals or exceeds the corresponding amount on the table, it may be cited
      as a compensating factor. x. Borrower Approval or Denial (Manual) (A) Re-underwriting
      The Mortgagee must re-underwrite a Mortgage when any data element of the Mortgage
      changes and/or new Borrower information becomes available. (B) Documentation
      of Final Underwriting Review Decision The underwriter must complete the following
      documents to evidence their final underwriting decision. For cases involving
      Mortgages to HUD employees, the Mortgagee completes the following and then submits
      the complete underwritten mortgage application to FHA for review and issuance
      of a Firm Commitment or Rejection Notice prior to closing. For cases involving
      Mortgagees that receive a Direct Endorsement Program Test Case Phase approval
      letter from FHA, the Mortgagee completes the following and then submits the
      complete underwritten mortgage application post-closing to FHA for review and
      issuance of a Firm Commitment or Rejection Notice. (1) Form HUD-92900-LT, FHA
      Loan Underwriting and Transmittal Summary The underwriter must record the following
      items on form HUD-92900-LT: • their decision; • any compensating factors; II.
      ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT A. Title II Insured Housing Programs
      Forward Mortgages 5. Manual Underwriting of the Borrower Handbook 4000.1 368
      Last Revised: 11/26/2025 • any modification of the mortgage amount and approval
      conditions under “Underwriter Comments”; and • their Direct Endorsement Identification
      Number and signature. (2) Form HUD-92800.5B, Conditional Commitment Direct Endorsement
      Statement of Appraised Value The underwriter must confirm that form HUD-92800.5B,
      Conditional Commitment Direct Endorsement Statement of Appraised Value, is completed
      as directed in the form instructions. (3) Form HUD-92900-A, HUD Addendum to
      Uniform Residential Loan Application The underwriter must complete form HUD-92900-A,
      HUD Addendum to Uniform Residential Loan Application, as directed in the form
      instructions. An authorized officer of the Mortgagee, the Borrower, and the
      underwriter must execute form HUD-92900-A, as indicated in the instructions.
      (C) Conditional Approval The underwriter must condition the approval of the
      Borrower on the completion of the final URLA (Fannie Mae Form 1003/Freddie Mac
      Form 65) and form HUD- 92900-A at or before closing if the underwriter relied
      on an initial URLA and form HUD-92900-A in underwriting the Mortgage. (D) HUD
      Employee Mortgages If the Mortgage involves a HUD employee, the Mortgagee must
      condition the loan on the approval of the Mortgage by HUD. The Mortgagee must
      submit the case binder to FHA for final underwriting approval. (E) Notification
      of Borrower of Approval and Term of the Approval The Mortgagee must timely notify
      the Borrower of their approval. The underwriter’s approval or the Firm Commitment
      is valid for the greater of 90 Days or the remaining life of the: • Conditional
      Commitment issued by HUD; or • the underwriter’s approval date of the Property,
      indicated as Action Date on form HUD-92800.5B. (F) Responsibilities upon Denial
      When a Mortgage is denied, the Mortgagee must comply with all requirements of
      the FCRA, and the Equal Credit Opportunity Act (ECOA), as implemented by Regulation
      B (12 CFR Part 1002). II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT A. Title
      II Insured Housing Programs Forward Mortgages 5. Manual Underwriting of the
      Borrower Handbook 4000.1 369 Last Revised: 11/26/2025 xi. RESERVED FOR FUTURE
      USE RESERVED FOR FUTURE USE Previous content from this section is deleted and
      this section is reserved for future use. xii. Underwriting Nonprofit Borrowers
      (Manual) (A) General Eligibility Nonprofit agencies must be HUD-approved as
      a Borrower prior to case number assignment. FHA approves or denies the nonprofit
      agency’s participation in FHA activities. The approval is valid for a two-year
      period. (B) Borrower Eligibility The Mortgagee must review the Nonprofit List
      in FHAC, and ensure the maximum case load limitation is not exceeded for nonprofit
      Borrowers. The Mortgagee must ensure that Additional Eligibility Requirements
      for Nonprofit Organizations and State and Local Government Agencies are met.
      The Mortgagee must verify that the nonprofit organization remains eligible under
      Section 501(c)(3) as exempt from taxation under Section 501(a) of the Internal
      Revenue Code of 1986, as amended. (1) Employer Identification Number The Mortgagee
      must obtain the Employer Identification Number (EIN) of the nonprofit Borrower
      and enter it into the SSN field in FHAC. (2) Credit Alert and Limited Denial
      of Participation Screening The Mortgagee must screen nonprofit Borrowers through
      the Credit Alert Verification Reporting System (CAIVRS) and the Limited Denial
      of Participation List using the nonprofit Borrower’s EIN. (C) Program and Product
      Limitations Nonprofit Borrowers are eligible only for fixed rate Mortgages.
      Nonprofit Borrowers are eligible only for FHA-to-FHA refinances. Nonprofit Borrowers
      are not eligible for cash-out refinances. II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT
      A. Title II Insured Housing Programs Forward Mortgages 5. Manual Underwriting
      of the Borrower Handbook 4000.1 370 Last Revised: 11/26/2025 (D) Maximum Loan-to-Value
      Limits Mortgages for nonprofit Borrowers are subject to the same LTV limitations
      as Mortgages secured by a Principal Residence. (E) Underwriting The Mortgagee
      must underwrite nonprofit Borrowers in accordance with the guidance provided
      in this section. The Underwriting the Borrower Using the TOTAL Mortgage Scorecard
      and Manual Underwriting of the Borrower sections are not applicable to nonprofit
      Borrowers. The Mortgagee must obtain documentation to determine the nonprofit
      Borrower’s actual financial capacity and demonstrate that it has stability and
      proper cash management. (1) Standard (a) Funding Stream Analysis The Mortgagee
      must consider the reliability and duration of the funding stream, and whether
      the primary sources of funding are competitive, whether the nonprofit Borrower’s
      funding stream is from a mix of private and public sources, or only from public
      funds, and if other sources of funding are available should one or more be curtailed.
      The Mortgagee must also consider whether those funding sources permit overhead
      and administrative allowances as well as the amount of the nonprofit Borrower’s
      assets that will be encumbered by the downpayments on the Mortgages. (b) Financial
      Capacity Analysis The Mortgagee must analyze the year-to-date and previous two
      years’ financial statements, balance sheets, statements of activity and statements
      of cash flow to determine the financial stability and capacity of the nonprofit
      Borrower, including all mortgage applications in process. (i) Unrestricted Cash
      Balance The Mortgagee must determine if the nonprofit Borrower has an unrestricted
      cash balance exclusive of lines of credit and Rental Income from the financed
      Properties that is stable or increasing and supports a six month reserve meeting
      the greater of: • 10 percent of the total Mortgage Payments due each month on
      all Mortgages; or • total Mortgage Payments for the single largest Mortgage.
      II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT A. Title II Insured Housing
      Programs Forward Mortgages 5. Manual Underwriting of the Borrower Handbook 4000.1
      371 Last Revised: 11/26/2025 (ii) Liquidity Ratio The Mortgagee must determine
      if the nonprofit Borrower has a liquidity ratio (current assets divided by current
      liabilities) of 2.00 or greater. Lines of credit are not to be considered in
      this ratio. (iii) Total Net Assets (Equity) The Mortgagee must determine that
      the total net assets are: • stable or increasing; and • equal to or greater
      than 25 percent of the proposed mortgage debt. (iv) Unrestricted Net Assets
      The Mortgagee must determine that the unrestricted net assets are stable or
      increasing. (v) Total Assets and Liabilities The Mortgagee must determine that:
      • the total assets are stable or increasing; and • the trend of liabilities
      is stable or increasing at the same rate as the total assets. (vi) Support and
      Revenue Accounts Definition Support and Revenue Accounts refer to operating
      income and other non- debt income sources. Standard The Mortgagee must determine
      that: • the support and revenue accounts are stable or increasing; and • the
      trend of operating expenses is stable or increasing at the same rate as the
      support and revenue accounts. (vii) Cash Flow The Mortgagee must determine that
      the trend of cash flow from operating activities is positive. II. ORIGINATION
      THROUGH POST-CLOSING/ENDORSEMENT A. Title II Insured Housing Programs Forward
      Mortgages 5. Manual Underwriting of the Borrower Handbook 4000.1 372 Last Revised:
      11/26/2025 (viii) Working Capital Definition Working Capital refers to the liquid
      assets less short-term liabilities. Standard The Mortgagee must determine that
      the trend of working capital is stable or increasing. (2) Required Documentation
      The Mortgagee must obtain: • the two most recent years’: o audited financial
      statements (balance sheet, statement of activity, statement of cash flow); and
      o IRS Form 990, Return of Organization Exempt from Income Tax; • most recent
      audited 90-Day year-to-date financial statement; • credit reports on the nonprofit
      agency; and • corporate resolution delegating signatory authority. (F) Final
      Underwriting Decision for Nonprofit Borrowers The Mortgagee must analyze the
      nonprofit Borrower’s financial capacity for each Mortgage being considered in
      accordance with the standards above. If the nonprofit Borrower does not meet
      all of the standards above, the Mortgagee must document acceptable compensating
      factors. The Mortgagee must describe how it arrived at the conclusion that the
      nonprofit Borrower was an acceptable mortgage risk and met FHA’s eligibility
      criteria. The analysis must consider the effect of the proposed mortgage debt(s)
      on the nonprofit agency''s financial condition. II. ORIGINATION THROUGH POST-CLOSING/ENDORSEMENT
      A. Title II Insured Housing Programs Forward Mortgages 6. Closing Handbook 4000.1
      373 Last Revised: 11/26/2025 6. Closing'
  judgment: false
