The big lenders are reluctant to do FHA deals in the 580 FICO score range. While this is opportunity for the smaller lenders, it needs to be addressed with FHA.
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additional comments on "FHA Pushing 580 Scores"
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This is terrific. It will not take any time at all to get back to the good ole 2008 era where a simple L.O.E. why part time employment is so inconvenient to your life style and you need a home for the children when you actually know who they are.
I may be late on this, but nice hair cut Frank!
I may be late on this, but nice hair cut Frank!
Sorry Guys, I hate to disagree but in my area alone I have 6 lenders who will do a 580 score on FHA including REMN who you mentioned in the start up. I also don’t agree with your conclusions on just WHY those scores are so low. The majority of my files with low scores all show a perfect rental history and yes while there may be medical collections you must remember that Obamacare didn’t ‘fix’ the health insurance problems since the premiums are most of the time way to expensive for the average person to afford. While the economy is supposedly doing so much better the cost of living rises faster than wages. We are displacing what used to be the middle class to where we have just the rich and the poor.
There are lenders doing 580 and even lower, so borrowers can just go there. I have no interest in doing these loans as a broker.
There are lenders doing 580 and even lower, so borrowers can just go there. I have no interest in doing these loans as a broker.
Over the last 5+- years I saw people with 700+ scores walk away from loans. The Real Question is ,what was the average credit score of someone who did a short sale" does anyone know! It's not your credit score, it's your ability to pay! What did we do in the 50's and 60's when there were no credit scores!!!
Over the last 5+- years I saw people with 700+ scores walk away from loans. The Real Question is ,what was the average credit score of someone who did a short sale" does anyone know! It's not your credit score, it's your ability to pay! What did we do in the 50's and 60's when there were no credit scores!!!
You are so right! There has to be some common sense here. Many people, who always paid their bills, were forced into a short sale situation (made possible by the people who never paid their bills, got loans, then brought the market crashing down around us all, thank you very much). Many of them are willing to get back into home ownership, but that's not going to happen in the current atmosphere.
You are so right! There has to be some common sense here. Many people, who always paid their bills, were forced into a short sale situation (made possible by the people who never paid their bills, got loans, then brought the market crashing down around us all, thank you very much). Many of them are willing to get back into home ownership, but that's not going to happen in the current atmosphere.
Maybe because people did'nt have credit card and other means of developing credit scores,they take their words and their credibility and thats it.
Maybe because people did'nt have credit card and other means of developing credit scores,they take their words and their credibility and thats it.