ANY BANKS DOING 550+ CREDIT SCORES? DOES NOT QUALIFY FOR FHA

ruben · Joined: 18 Jan 2008 Posts: 3 1.99 Dollars($)

572 CREDIT SCORE, DOESNT QUALIFY FOR FHA CAUSE OF THE RATIO`S, FOR AN APPROVAL FOR 95% LTV, HOWEVER, BANK CHANGED POLICIES A FEW DAYS AGO TO 80%LTV FOR ANYTHING UNDER 575 MID SCORE. ANY IDEAS WHAT BANK WOULD CONSIDER THIS? IF I GOT IT APPROVED WITH 1, I`M SURE I CAN GET IT SOMEWHERE ELSE? BUT WHO?

banker0679 · Posted: Fri Jan 18, 2008 8:57 pm Post subject:

What are the ratios that you have? are you going full documentation ?

Your ratios might be very high also with the PMI payments.

FHA maybe a good program .... but have different guidelines per lender

Guest 0.10 Dollars($)

RATIO`S ARE 32/50 WITH CREDIT ALREADY SCRAPPED! YEA THE RATIOS ARE LOWER WITH JUST THE P&I BUT THEY ONLY HAVE THE 5% DOWN. I ALREADY GOT THEM APPROVED FOR 95%LTV BUT NOW THE BANK WANTED 20% DOWN. I DON TTHINK THEY`LL QUALIFY FOR FHA? BY THE WAY,. WHATS E-FANNIEMAE.COM?

banker0679 · Posted: Sat Jan 19, 2008 10:43 am Post subject:

They may qualify with FHA....the only way to find out is to run it with the scorecard.

Efanniemae is just one of the websites for Fanniemae.
efanniemae.com
fanniemae.com

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Ruben,

Try buying down the rate to see if this helps the back end ratio. You might want to try fannie mae for an expanded level approval if the credit is not too bad. Fannie usually allows higher debt to income ratios.

ezmortgageloanz · Posted: Sat Jan 19, 2008 9:32 pm Post subject:

Don't bother with a FHA program that is based upon an AU approval---you won't get it because the back end ratio is too high...

You'll need to go with a manually underwritten FHA loan---I closed a loan in the 3rd quarter of 07 with a back end ratio of 62.

Regards,

Scott Miller

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Did you try fannie mae?

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