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 FHA is now going to a 640+ credit score.... View next topic
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amabo
Flash in the pan


Joined: 20 Feb 2009
Posts: 33

FHA is now going to a 640+ credit score....
PostPosted: Tue Jul 07, 2009 10:53 pm Reply with quoteBack to top

Yep it's true.... The secondary market is going to a 640 credit requirement. Also ensure your GFE's are within $100.


Last edited by amabo on Wed Jul 08, 2009 4:05 pm; edited 1 time in total
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PoolinMBS
Flash in the pan


Joined: 03 Apr 2009
Posts: 35
Location: NYC

Re: FHA is now going to a 640+ credit score....
PostPosted: Wed Jul 08, 2009 8:19 am Reply with quoteBack to top

FHA is not going to a 640, the secondary market is going to a 640, they dictate guidelines by what they will buy. FHA insures loans with NO FICO requirement. However,there stil are companies able to write down to a 500


Last edited by PoolinMBS on Sat Jul 11, 2009 7:23 am; edited 1 time in total
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amabo
Flash in the pan


Joined: 20 Feb 2009
Posts: 33

Re: FHA is now going to a 640+ credit score....
PostPosted: Wed Jul 08, 2009 1:51 pm Reply with quoteBack to top

PoolinMBS just curious on how you are able to write down to a 500 and then for how much longer?
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StephenF
Nitroglycerin


Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: FHA is now going to a 640+ credit score....
PostPosted: Wed Jul 08, 2009 1:57 pm Reply with quoteBack to top

PoolinMBS wrote:
FHA is not going to a 640, the secondary market is going to a 640, they dictate guidelines by what they will buy. FHA insures loans with NO FICO requirement. However, I could care less as this does not effect me, im still able to write down to a 500


Well, I certainly hope you are not in all 50 states...that would leave no 500 fico score business for the rest of us Very Happy Surprised Rolling Eyes

And the phrase is: "I couldn't care less"

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PoolinMBS
Flash in the pan


Joined: 03 Apr 2009
Posts: 35
Location: NYC

Re: FHA is now going to a 640+ credit score....
PostPosted: Wed Jul 08, 2009 2:49 pm Reply with quoteBack to top

amabo wrote:
PoolinMBS just curious on how you are able to write down to a 500 and then for how much longer?

I am a GNMA Issuer, we pool our paper into mortgage backed securities and retain service for the life of the loan.
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amabo
Flash in the pan


Joined: 20 Feb 2009
Posts: 33

FHA is now going to a 640+ credit score....
PostPosted: Wed Jul 08, 2009 3:12 pm Reply with quoteBack to top

Thanks for the info!
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PoolinMBS
Flash in the pan


Joined: 03 Apr 2009
Posts: 35
Location: NYC

Re: FHA is now going to a 640+ credit score....
PostPosted: Wed Jul 08, 2009 3:14 pm Reply with quoteBack to top

no problem
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johnny.loans
Dud?


Joined: 07 Jul 2009
Posts: 2

PoolinMBS
PostPosted: Wed Jul 08, 2009 7:59 pm Reply with quoteBack to top

Where can I send you my loans? Forward me your info.
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cpruitt
Dud?


Joined: 12 Oct 2007
Posts: 21

Re: FHA is now going to a 640+ credit score....
PostPosted: Fri Jul 17, 2009 4:22 pm Reply with quoteBack to top

PoolinMBS wrote:
amabo wrote:
PoolinMBS just curious on how you are able to write down to a 500 and then for how much longer?

I am a GNMA Issuer, we pool our paper into mortgage backed securities and retain service for the life of the loan.


I would certainly love to find out more about your operation then. I get questions from loan officers and consumers every day looking for this.

In particular, these credit score requirements on streamline refinances are the antithesis of everything the program is about. I think HUD should exclude streamline refis from lender default statistics and count any defaults against the original lender's ratios. A borrower with a perfect housing payment history is likely to continue it regardless of what they do with their other credit. (I think the mortgage industry should ditch credit scores and automated underwriting altogether, but that is an entirely different discussion.

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Carl Pruitt
FHA Guidelines And Commentary
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Brokerbart
Dud?


Joined: 29 Jul 2009
Posts: 2

FHA lenders doing 500 credit scores...
PostPosted: Wed Jul 29, 2009 9:43 pm Reply with quoteBack to top

Can anyone name a lender or two that are doing FHA loans with 500 credit scores??? I have several loans to be placed with Sub 600 scores, but lenders aren't jumping at the opportunity.
Please!

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