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jeffey

Joined: 15 Sep 2009
Posts: 1
0.36 Dollars($)
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Posted: Tue Sep 15, 2009 7:59 pm Post subject: good fico score |
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| in these economic conditions whats considered a good fico now. |
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Garysnober

Joined: 17 Mar 2009
Posts: 455
15.40 Dollars($)
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Posted: Tue Sep 15, 2009 8:02 pm Post subject: |
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| Hi Jeffey, In this current economy at least a 740+ is now considered a good fico score. |
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raymond
 Community Experts

Joined: 03 Jul 2009
Posts: 315 Location: Irvine, CA
60.39 Dollars($)
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Posted: Mon Oct 12, 2009 5:33 pm Post subject: |
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Some lenders have a 620 minimum for FHA, VA and USDA programs, but most are at 640 right now - and recently they've been migrating to 660 for those programs. _________________ Raymond
www.ReverseMortgageCalculator.org |
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sunnyca2009

Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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Posted: Mon Oct 12, 2009 10:04 pm Post subject: |
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In this economy any where above 720 is considered good score
620 is required for FHA lons only |
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raymond
 Community Experts

Joined: 03 Jul 2009
Posts: 315 Location: Irvine, CA
60.39 Dollars($)
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Posted: Tue Oct 13, 2009 9:13 am Post subject: |
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>>620 is required for FHA lons only
That's inaccurate. FHA doesn't have any FICO requirements, its the Investors that impose the FICO requirement, so every Lender is different.
pacuniondirect doesn't have a FICO requirement for their FHA streamlines
coralmortgage goes down to 580 for purchase and refinance
GMAC has no score FHA streamlines and 600 on purchases
wdmortgage goes down to 580 for purchase and refinance, and no score streamlines
topdot goes down to 560
[Links deleted as per forum rules. Thanks.] _________________ Raymond
www.ReverseMortgageCalculator.org |
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jveenstra
 Community Experts

Joined: 10 Nov 2008
Posts: 340 Location: River Edge, New Jersey
85.80 Dollars($)
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Posted: Tue Oct 13, 2009 11:20 am Post subject: FICO |
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Raymond, FHA is making the minimum score 620 on December 15, 2009.
You are techinically correct for the moment, but, for all practical purposes, it is almost 620. _________________ John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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raymond
 Community Experts

Joined: 03 Jul 2009
Posts: 315 Location: Irvine, CA
60.39 Dollars($)
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Posted: Tue Oct 13, 2009 8:01 pm Post subject: |
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John, which Mortgagee Letter can I reference to confirm what you're saying? _________________ Raymond
www.ReverseMortgageCalculator.org |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7448 Location: bloomfield, ct
70.12 Dollars($)
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Posted: Wed Oct 14, 2009 1:15 pm Post subject: |
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to get back to the beginning: 740 is the score will will afford you the best of rates on conventional loans. for many investors, it will take a 700 score to get you the best fha rate.
there are lenders currently trafficking in the 550+ range on fha loans, but that's only if they can get the borrower(s) approved. that's not a given in any case. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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sunnyca2009

Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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Posted: Sat Oct 17, 2009 9:05 am Post subject: |
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| Probably the reates for the peoplein 550 range will be higer for sure than any one else |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7448 Location: bloomfield, ct
70.12 Dollars($)
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Posted: Sat Oct 17, 2009 9:38 am Post subject: |
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in all likelihood, that's true, sunny. there are add-ons to pricing for reduced scores with most everyone these days. fha is still definitely more forgiving than fannie mae or freddie mac, nonetheless. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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sunnyca2009

Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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Posted: Sat Oct 17, 2009 4:05 pm Post subject: |
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Geoge where and how the slab varies.
My questions is if the current rate is 5% for a 30 years fixed and if some one with 740 can qulify for that, then how will ti start goign up as the credit score starts goign down
With out considering the other factors |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7448 Location: bloomfield, ct
70.12 Dollars($)
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Posted: Mon Oct 19, 2009 10:27 am Post subject: |
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"as the credit scores starts going down" has no relevance on a fixed-rate mortgage loan. if someone is getting a brand-new loan, the price that person pays will be calculated using the credit score. for example (non-scientific example), if the rate is 5%, with 2 points, it might cost an extra .25 point for someone with a credit score of 700; an extra .5 point for 680, and so on.
finally: slab?? _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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sunnyca2009

Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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Posted: Mon Oct 19, 2009 11:39 pm Post subject: |
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| Thanks for sharing George |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 7448 Location: bloomfield, ct
70.12 Dollars($)
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Posted: Tue Oct 20, 2009 10:10 am Post subject: |
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unfortunately, your thanks didn't answer my question about "slab." what in the world is "slab"? _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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jveenstra
 Community Experts

Joined: 10 Nov 2008
Posts: 340 Location: River Edge, New Jersey
85.80 Dollars($)
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Posted: Tue Oct 20, 2009 10:54 am Post subject: DTI |
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Raymond, the announcement of FHA minimum credit score going to 620 is not in a Mortgagee Letter.
It is in FannieMae Announcement 09-29 dated September 22, 2009, page 2:
A minimum credit score of 620 will apply to all mortgage loans ...insured by or guaranteed by a federal gov't agency(HUD,FHA,VA and RD)...
DU Version 8.0 December Release weekend of Dec 12 will implement that change in DU....as well as new max DTI 45% and 50% with compensating factors.
Changes do not apply to DU Refi + _________________ John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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