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Answers (9)
- DiamondFundingCorp
- Contributions:454
- Potato Head
- Contributions:131
I bet your ready Jennifer. How about you come and help me with my potato farm?
- Jennifer Ready, "The Ready Bell Group"
- Contributions:33
1) Countrywide does not charge a lot more on FHA if your score is less than 620.
2) Automated approval is a good sign but ALL FHA requires a real person to underwrite it who will most liekly give you additional conditions.
3) Ask your loan consultant how confident they feel and when you get your disclosure package make sure your application is correct.
2) Automated approval is a good sign but ALL FHA requires a real person to underwrite it who will most liekly give you additional conditions.
3) Ask your loan consultant how confident they feel and when you get your disclosure package make sure your application is correct.
- Rob Cochems
- Contributions:3523
Last I know AI3 it was a 2 point hit. $4k is a pretty significant price you are paying to receive a loan now.
- Dave Mason, "DebtFreeDave"
- Contributions:1315
An automated approval only means you get the loan if you meet the conditions that it gives you.
- AI3
- Contributions:9
Rob,
How big is the diff in fees? Are they one time fees? It currently is in the hands of a human UR
How big is the diff in fees? Are they one time fees? It currently is in the hands of a human UR
- Stephen Ching, "Edmonds WA"
- Contributions:229
Lenders typically stand by Fannie Mae or Freddie Mac automated underwriting results on conforming loans. FHA is manual human underwriting.
- Rob Cochems
- Contributions:3523
Countrywide direct still offers FHA loans with credit scores less then 620. However you pay a significant fee for the credit score being less then 620. You might want to consider holding off and attempting to increase your credit score above 620.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Does an approval from the automated underwriting system mean approved? This is through Countrywide.
FHA 3o yr fixed
Loan amt 200k
Credit score around 610
no debt
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