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Replies (19)
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
good luck with that.
1. people with those scores need to get their financial house in order before buying a house.
2. good luck finding a loan officer willing to work with them. especcially after April 1st.
1. people with those scores need to get their financial house in order before buying a house.
2. good luck finding a loan officer willing to work with them. especcially after April 1st.
- dacolan
- Contributions:1073
Any chance I can get that as an Option ARM with no documentation?
- wetdawgs
- Contributions:26808
Is this a program where lenders are required to lend with those criteria, or is it still discretionary?
- workabee
- Contributions:1030
Sweet deal. Deadbeats got a chance to buy again and we all know how that ended up last time. Here comes the new bubble.
- Clay Branch, "Georgia Loans"
- Contributions:7836
FHA loans have never been score driven loans and are not now. Yes, HUD guidelines allow a 500 score with 10% down and maybe 2 or 3 lenders in the country will follow that but it does not mean the borrower will get approved. It would be a needle in the haystack that someone has a 500, 510, 520, 530, 540, score and at the same time have " credit " good enough to approve.
- Helen Edwards, "Helen Edwards"
- Contributions:478
Please tell me the National Lender. I'd like to see for myself.
thanks...
thanks...
- Frank Coxx, "mrrealtor31"
- Contributions:31
Let's not be so fast to put this housing bubble bust on the people with lower credit scores....these people was not the ones buying $300k- and up homes that were high end that went into foreclosure...Almost half of the high end builders had to sale there homes for far less.Most of the lower score buyers who had FHA fixed rate loans are still in their homes. Let's see how this works.
- Sheri Moritz, "SheriMoritz"
- Contributions:269
Wells Fargo is offering this program.
- Sabine Taylor, "Alpharetta Home"
- Contributions:5
I have clients that are in the 500 bracket so providing them with an alternative solution will open up doors for them.
- Lady Chattel
- Contributions:3110
So, if I have a credit score over 800, will the bank pay be a huge lump sum to buy a house :-p
- hpvanc
- Contributions:2570
Can I sign up for Lady Chattel's program retroactively?
What programs are available for people with 800+ credit scores, 20%+ down and DTI below 25. Aren't those the kind of buyers that would be profitable to reach?
What programs are available for people with 800+ credit scores, 20%+ down and DTI below 25. Aren't those the kind of buyers that would be profitable to reach?
- Mechelle Cranford, "Mechelle Cranford"
- Contributions:15
I have had new construction builders refer this program to me and my client...but, when I actually ask the lender, they tell me that those are the correct FHA guidelines. Then, they proceed to tell me that lenders won't actually lend for credit scores that low. Talk about frustrating and confusing. I would love to hear of a lender that will actually work with this program, as I have a lot of clients sitting on the fence. Please let me know if it works for you!!
Good luck!!
Good luck!!
- klarek the realist
- Contributions:7044
Nathan, you think that's a GOOD thing? What sort of sleeze is being peddled here?
- George Raymondo, "The Loanranger"
- Contributions:144
We have an investor that goes down to 580. The rates are typically a .50% higher, but who going to complain with credit scores that low?
- Miriam Peters, "petersteam"
- Contributions:310
Thank you for this great information. Do you know the lenders offering this product?
- Sheri Moritz, "SheriMoritz"
- Contributions:269
Wells Fargo is the bank offering this product.
- user4909275
- Contributions:1
Wells Fargo is the worst Bank ever, they may make a buyer think they will accept them, however they stall and stall, until they allow you to loose the home then they come back with a denial.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
I would imagine most lenders are offering this program. Ask Suntrust to match or any of your preferred lenders....bet they can!
- Gene Riggs, "govagent1"
- Contributions:72
Those programs may or may not exist. They do not in Michigan and if they do their is a rate attached with them and cost.
Be aware!!!!!!!
I do free credit repair for any client that needs it. I have 35 years in banking and it has served me well. I would strongly incourage anyone with a score below the 620 minimum to get their score to 640 or higher. I have been able to get 3.75% rates with 620 scores.
Depending on someones credit file it takes 45 days to a year or longer to correct credit issues and it works only if people stay with the program and and have no unemployment to mess it up if that's where thier income is coming from. Some credit file take longer if they have recent bankruptcies, forclosures, judgements, collections etc.
Be aware!!!!!!!
I do free credit repair for any client that needs it. I have 35 years in banking and it has served me well. I would strongly incourage anyone with a score below the 620 minimum to get their score to 640 or higher. I have been able to get 3.75% rates with 620 scores.
Depending on someones credit file it takes 45 days to a year or longer to correct credit issues and it works only if people stay with the program and and have no unemployment to mess it up if that's where thier income is coming from. Some credit file take longer if they have recent bankruptcies, forclosures, judgements, collections etc.
Heard about new FHA program for Under 600 Credit Scores?
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- 5.0/5.0
- (1 review)
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