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Good Credit (and a good Broker) is like Money in the Bank
There is a saying "Good Credit is like Money in the bank" and today that is the operative phrase today. With the Fed poised to raise rates, lenders tightening their requirements and risk pricing adjustments being added at every turn it is becoming every borrower's responsibility to not only know their FICO scores but to know what is in their credit report and to constantly police it for errors.
Even FHA, VA, USDA and Alt-A lending programs are getting tight. Last week many lenders raised their minimum FICOs for these and other goverment programs from 580 to 620 overnight. While this is not for every lenders the minialist mentality of just getting in under the wire can and does get you burned. I estimate the minimum FICO requirements for conventional loans are increasing by roughly 10 points per month. If borrowers are under the belief that what is good today will be good next month they are sadly mistaken.
Stated income programs for Self-employed borrowers are not almost universally available to those with 700 FICOs or more. So having good credit is no longer the laughing matter it once was. Sadly many lenders, realtors and borrowers participated in the feeding frenzy ... more

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