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Whether or not the loan programs require a minimum score all lenders have the opportunity to add layers to the requirement.
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...
Borrowers are more than just a number and a lot more things need to be taken into consideration.
I think that fico score do not adequately determine the character of a buyer, I would rather that they dig in deeper.
parked and reading
Credit scores can be manipulated to some extent and have caused deals to go south!
Thank you for the question.
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.
These days, FICO scores don't mean all that much.
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.
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.
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.
I don't like the idea of this...we have learned NOTHING from the past
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.
Here we go again, dropping the standards.