Login
Lender Signup
Community Signup

World's Largest Mortgage Community
(28,540 members)

What are you looking for?

FHA Loan Question

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Guest 0.10 Dollars($)	Posted: Mon Sep 15, 2008 4:14 am    Post subject: FHA Loan Question Is it normal for FHA loans to have a credit score penalty? For example chargine an extra .5% for a credit score below a certain level.
sara Joined: 05 Jul 2006 Posts: 1189 Location: New Brunswick, New Jersey 220.67 Dollars($)	Posted: Mon Sep 15, 2008 4:49 am    Post subject: RE: The fact is though FHA loans are not strictly score driven, yet a minimum credit score is required as lenders would prefer to offer loans to those having scores equal to 580 and above. So, obviously if someone has less than 580 score, he'll be charged a penalty worth 2.00%-2.50% of the loan amount.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 1346 Location: bloomfield, ct 45.00 Dollars($)	Posted: Mon Sep 15, 2008 7:38 am    Post subject: you'll find that there is a penalty, generally applicable if your score is 620 or below, though some lenders institute the adjustment at a lower level, like the 580 that sara mentioned. _________________ George M. Akerley Senior Loan Officer Freedom Mortgage Corporation 37 Jerome Avenue Bloomfield, CT 06002 860-286-0444

Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours

Page 1 of 1