OHFA does allow for loans to be manually underwritten, except for FHA they require you obtain an exception from them and there is a 1% fee.   

 US Bank overlays on manually underwritten loans - 

Manually Underwritten Loans July 20, 2016

Housing Finance Agency Division News
This document is not a Consumer Credit Advertisement and is intended for Correspondent and Wholesale Client Use Only. This information is provided to assist Correspondents and Wholesale

Clients and is not a consumer credit advertisement as defined by Regulation Z. Loans are subject to normal credit qualification and program guidelines. Not all loan programs are available in all states for
all loan amounts. Interest rates and program terms are subject to change without notice. Visit usbank.com to learn more about U.S. Bank products and services. Mortgage products are offered by U.S.
Bank National Association. Deposit products offered by U.S. Bank National Association, Member FDIC. ©2016 U.S. Bank MMWR-82096
HFA Lender Bulletin

We have received numerous inquiries from our lender partners regarding Bulletin 2015-07, which we
recently redistributed on July 8, 2016.

To clarify, effective with loans reserved on or after July 1, 2015,

ALL manually underwritten loans must adhere to the following U.S. Bank credit guidelines:

o Maximum 36% Debt-to-income ratio
o Minimum two months PITIA reserves after closing (or per product guide if greater)

Lenders are required to follow a combination of U.S. Bank, Agency, and HFA program guidelines.
When guidelines differ, use the more restrictive.

REMINDERS
U. S. Bank does not accept manually underwritten Conventional loans with an LTV between 95.01
and 97%.

In certain programs, loans cannot be manually underwritten. Please ensure that you verify with
the applicable HFA’s program guidelines.