Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Licensed in 20 states)

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Rainmaker
2,443,200
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Whether or not the loan programs require a minimum score all lenders have the opportunity to add layers to the requirement.

Jan 28, 2016 11:05 AM
Rainmaker
108,016
Scott Lawson
America's Home loans - Santa Rosa, Petaluma Mortgage Broker - Santa Rosa, CA
Mortgage Broker FHA, VA, refinance or purchase

I don't see this anywhere. I can also sell directly to Freddie and no lender has a private conduit with special privilege to do so.

I disagree with the premise. FICO scores are an integral part of the decision to grant or deny credit. Takng it away would be a step backwards toward 2006-2007 all over again.

Please source your statement to support your claim or retract it...

Jan 28, 2016 09:26 AM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Borrowers are more than just a number and a lot more things need to be taken into consideration.

Jan 28, 2016 07:46 AM
Ambassador
6,352,320
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I think that fico score do not adequately determine the character of a buyer, I would rather that they dig in deeper.

Apr 23, 2019 09:12 PM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

parked and reading

Jan 28, 2016 08:16 PM
Rainmaker
5,190,916
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Credit scores can be manipulated to some extent and have caused deals to go south! 

Jan 28, 2016 08:10 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the question.

Jan 28, 2016 08:09 PM
Rainmaker
2,538,633
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Caroline. Credit scoring has changed and I believe will continue to change, we work with our clients to improve scores in some cases, but can usually figure out a way to get them a mortgage.

Jan 28, 2016 05:49 PM
Rainer
413,956
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

This is a PRICING issue.   Not qualifying or Underwriting issue. Translation: You might have low score and not be approved.    If you are approved you will not be "gouged"  for profit

Jan 28, 2016 01:32 PM
Ambassador
3,727,581
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

These days, FICO scores don't mean all that much.

Jan 28, 2016 12:10 PM
Ambassador
3,159,779
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I have never had a client get a fannie mae loan in my 24 years in the business.   The only government loans I'm familiar with are VA and my mortgage broker definitely has minimum scores. 

Jan 28, 2016 12:04 PM
Rainer
94,105
Val Evans
Scottsdale, AZ

Cool! The train is coming back around to the station once again. This trip around hubby and I will take out some options on D paper derivatives on the short side. The .gov can try and spread the risk all they want, but there will always be some greedy players who will get caught with their pants down. I love this game. 

Jan 28, 2016 11:37 AM
Rainmaker
2,349,966
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

of course

Jan 28, 2016 11:09 AM
Rainmaker
1,722,626
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

We have had few under the number so we have out mortgage pros counsel these buyers. I am supremely unhappy with the concept of no minimum. I see bad repercussions in the future.

Jan 28, 2016 10:30 AM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I don't like the idea of this...we have learned NOTHING from the past

Jan 28, 2016 10:04 AM
Rainmaker
140,768
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

It seems there is a general trend in lending to loosen standards.  I understand what the purposes of these changes are, but it still makes me uneasy for the future.

Jan 28, 2016 09:29 AM
Rainmaker
4,272,424
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Here we go again, dropping the standards.

Jan 28, 2016 08:00 AM