Relevant:
- FHA puts floor on borrower credit eligibility
- FHA May Require 10% Down from Low Credit-Score Borrowers
- FHA only starting to tighten loans standards (for real this time, maybe)...
- TransUnion, Equifax broke federal law by misrepresenting credit score usefulness, CFPB says
- FHA Preps Tax Credit for Down Payment Use
2010-09-03 — google.com
"Borrowers with credit scores less than 500 are not eligible for Federal Housing Administration-insured mortgage financing, according to the new credit score and loan-to-value (LTV) requirements released today by the U.S. Department of Housing and Urban Development."
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Comments:
catherine at 03:42 2010-09-04 said:
couldn't get the whole article but if this is true GET READY for some other kind of BRAND NEW program for these people, we have a gutter filled supply of unsold homes and a limited supply of borrowers which dwindles more and more everyday (unemployed, doubling up, leaving the country, tent city residents) WHILE THE SUPPLY of homes grows and grows, the problem is clear, isn't it? So if they are tightening up FHA, ahem...........they are building some frankenstein mortgage delivery system somewhere in the bowels of the government, count on it. Or Fannie Incorporated, anyone????? and the ones that think the private sector will jump back in with all that cash on the sidelines, ahem, why would they with 'CHAINSAW FALLING' values....they didn't acquire all that money being idiots Permalinkkindandgentlejd at 06:10 2010-09-04 said:
Maybe they would take a look at credit scores just above 600, a friends daughter, who had just graduated college with a great job earlier this year was turned down with an FHA loan with a credit score of 628 from two of the top 5 lenders. DTI was excellent. They wanted a higher credit score. Permalinkadd a comment | go to forum thread
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