fha credit scores: What are the real truths behind such FHA Rumors & FHA Myths in New Jersey??? - 04/11/11 08:53 PM
FHA loans in New Jersey and in all other states in the last 18 months have become the popular choice when choosing a mortgage for many different reasons. It has been stated that FHA loans now represent about 35 percent of all financing options. And because of the popularity and usage of FHA loans, there seems to be more FHA rumors or myths circulating. Let’s review some of these so-called myths.
Before I begin, just a little quick education when it comes to mortgages. You basically have 4 types of mortgage programs.
FHA loans- This type of loan … (17 comments)
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fha credit scores: Good Credit Scores could equal ticking time bomb - BAM - 02/13/11 10:21 AM
Borrower : I would like to see this specific home...
Realtor : Have you spoken to a loan officer?
Borrower : No, not yet.
Realtor : Do you know your credit scores?
Borrower : Yes, I pulled my credit online and I have a 680, 705, and a 695, so I should be good to go, right?
Realtor : Those are very strong scores, so let's look at a few houses and then I can get you qualified.
Your Credit Score is more than just a number
People, it's not that simple. I have seen buyers … (22 comments)
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fha credit scores: You don’t need a 700 credit score & 20 percent down to buy a home – Credit Scores Part 1 - 11/02/10 09:50 AM
Your credit scores are important. Credit sometimes seems easy, yet at times can seem so complicated and might not make sense why your scores might be lower.
One thing that I want to make clear is that you don’t need 700 credit scores and or 20 percent down to buy a home.
The mortgage industry has gone crazy lately, so you will hear a lot of chatter of misinformation out on the streets that you need excellent credit and a lot of money down. What is not explained is that there are mortgage programs that allow for less than perfect … (9 comments)
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fha credit scores: FHA credit scores and FHA streamline refinances - The Basics - Part 2 of 3 - 09/14/10 07:17 AM
HINT - PLease read Part 1 first - the link is below.
Okay, Jeff, I have heard that you could do a FHA streamline. Yes, this is true, but FHA now states that you can't make application on the new refinance until the borrower has made 6 monthly payments. This is stated in Mortgagee Letter 2009-32. There are 2 types of FHA Streamlines.
1.) FHA Streamlines with an appraisal - Even if you bought a new home with lots of equity, you have to wait 12 + months before you are allowed to use that equity. If … (14 comments)
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fha credit scores: FHA Loans with FHA credit scores - Understanding what is allowed & what can be done - Part 1 of 3 - 09/14/10 07:15 AM
There has been a lot of talk regarding Credit Scores in the last week after FHA came out with Mortgagee Letter 2010-29 on FHA Loans. Here was my post showing such changes with an explanation. Jeff Belonger's cheat sheet for ML 2010-29.
In my opinion, some of the confussion and or arguement with the new FHA loan changes is that FHA says that you can go down to a 500 credit score with 10% down. FHA even says that you can put the minimum down of 3.5% with credit scores of 580 and above.
Here is the problem … (23 comments)
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fha credit scores: Good Credit scores - Good FICO scores don't mean it's a good mortgage loan - 07/18/10 04:02 PM
From the consumer - "I have bad credit".. "my credit is so so"... "my credit is good". "My credit scores are good", etc, etc. I have heard it all and just this alone doesn't make or break you as a potential buyer when wanting to buy a home.
The thought process of an average loan officer - "Yippie, my borrower has a 635 credit score and my company's cutoff is 620. This borrower fits the credit ratios also, so I can do the loan."
Knowledge is power people. I know some loan officers in the past that made … (13 comments)
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fha credit scores: Get out your permanent markers, HUD seeks public comment on three main issues for FHA loans - 07/15/10 10:22 PM
You can make a difference - you have 30 days to comment against FHA's proposals
With a difficult economy and possibly some new FHA mortgage changes coming in the new future, this could be time to make your voice heard. HUD made this announce back in January 20th, 2010 - FHA announces policy changes to address risk and strengthen finances - I parlayed this announcement into layman's terms. - FHA loans and some possible mortgage changes.
So now, FHA just announced that there will be a 30 day period for comments on these issues described above. … (92 comments)
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fha credit scores: Mortgage Financing made to look easy - FHA loans Have NO Min Credit Score for Florida Homebuyers - Really??? - 07/13/10 11:47 PM
This makes FHA loans sound to EASY. This is extremely misleading...
I must digress... this post was just sent to me. FHA loans have no minimum credit score for Florida Homeowners -
From reading this post, the author makes it sound very easy to obtain FHA loans with less than perfect credit. The author states this - "At the same time FHA loans to (do) not penalize Florida buyers with a higher interest rate because of having less then perfect credit."
Much of the information above and in the post is extremely misleading. I would consider this … (34 comments)
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fha credit scores: Low Credit Scores down to 600 - FHA Loans - USDA Loans - VA Loans - Understanding credit scores & credit - 02/16/10 12:15 PM
FHA credit scores to 600 – USDA credit scores to 600 – VA credit scores to 600
IMPORTANT information that you need to be aware of in regards to lower credit scores – 580 credit scores to 619 credit scores
Low Credit Scores - You hear so much talk still out on the street about some mortgage companies that can do low credit scores down to 500, to 550, and to 580. There are some very important tips and information that one should be extremely aware of when speaking to a loan officer that says they can … (12 comments)
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fha credit scores: New FHA loans MORTGAGEE LETTER & Explanations about Credit Scores - Make Your VOICE Heard - 01/25/10 10:52 AM
Important Blog Today – FHA loans & HUD’s changes - You can make your voice heard. Please read further..
So much has transpired in the last week with FHA loans and there are things that you need to know and understand why some of these changes took place.
Last week HUD put out their policy changes and what could take place in the near future. FHA loan changes go from fact to fiction. The next day, they put out the official HUD mortgagee letter, ML 2010-02.
Overall, I have noticed several comments that either the commentor seemed … (36 comments)
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fha credit scores: FHA Loans Rumor Alerts - 3% seller concessions & FICO scores - Part 1 of 2 - 01/19/10 11:42 AM
Extremely Important as of January 20, 2010 – New changes have just been announced. Please read :
FHA Loans - Some rumors are now reality - Important information about FHA mortgage changes !!!
FHA Loans & FHA Mortgages - Rumors – Important Information
In the last several months, I am still hearing about some rumors about FHA loans that aren't true. They are basically of opinion and speculation. I wrote this blog back in the beginning of October of 2009. It will give you a good idea about what rumors that I am talking about.
… (35 comments)
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fha credit scores: FHA loans 101 - The basics of FHA mortgages & mortgage shopping - 10/13/09 - 10/14/09 12:18 AM
FHA loans & their misconceptions/myths
The number one myth - FHA loans are more expensive than conventional loans!! - FALSE -
Protection of your family & home purchase will always be with a loan officer with knowledge & integrity… not telling you what you want to hear to make a sale!!
PS… this might be a tad long & boring, but worth it if you are buying/refinancing a home.
I received this e-mail from a borrower yesterday buying in WA. Here are some parts of his e-mail.
… (20 comments)
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fha credit scores: Credit scores - FICO scores for mortgages - I need a 700 credit score? - 09/15/09 09:18 AM
Yes, credit guidelines have gotten tougher, but NO, you don’t need a 700 credit score.
Here we go again, with realtors making things sound semi easy. There was a question on Trulia last week, and the buyer said that they heard that you needed credit scores of 700. And what do you do if you have scores from 614 to 620.
Here was part of the answer from a realtor answering the question.
"You can actually purchase a home with a credit score in the 500'sdepending on job history, etc. I have … (53 comments)
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fha credit scores: FHA loans - Rumors need to be squashed !!! - 04/25/09 11:11 AM
As many of us search more and more online, through the internet, there becomes a greater chance for misinformation also. Now, this is just my opinion, but it's based on seeing at least 2 blogs a week now that has wrong information within the topic of discussion. I am seeing this even more so when it comes to FHA loans.
What disturbs me most is that if we don't question the author of that blog, those reading it will believe it and spread that information as the bible per se. I even went as far as to send an author of … (14 comments)
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fha credit scores: FHA Credit Scores & All about FHA loans & mortgages !!!! - 02/24/09 09:11 PM
Warning.. Warning…
FHA credit scores have changed for the most part. I just had a client tell me the other day that her loan officer, who she knows and trusts, is trying really hard to make the loan work. Okay, so what are your credit scores? "512/530/548"... rut row. And they are trying what? Trying hard? At this moment, there are only a few investors that will go below 580. But from what I know, it's really tough under 580. Most lenders are at 620 or above. There are a few at 600 and just a few that … (31 comments)
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fha credit scores: 620 Minimums - 02/05/09 06:33 PM
Borrowers, please beware of this information. This is not true by HUD, FHA, or from Congress. This is false and misleading information. Yes, some investors and lenders are raising their credit scores to 620. Several of us, including myself can still manually underwrite FHA loans down to a credit score of 580, even after 2/12/09. And some of us can still do loans down to a credit score of 530. Per HUD mortgagee letter 2008-22, it states this on page 2. • Borrowers with decision credit scores below 500 and with loan-to-value ratios at or above 90 percent are not eligible … (11 comments)
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fha credit scores: FHA Loans - FHA Mortgages are not a bad mortgage !!!!! - 10/17/08 02:05 PM
We have been in a doom and gloom housing market for the last 6 months to a year. Largely due to the part of the media and uneducated loan officers and realtors. Let me tell you something, there is still plenty of mortgage money to lend.
The problem is that you have some lenders that don't know anything other than conventional mortgages. Or they aren't FHA approved to do FHA Loans. And not to knock realtors, but there are many realtors that have been in this business for 20 years or so, that keep relating to FHA mortgages of the … (51 comments)
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fha credit scores: Mortgage Money is still available - FHA loans & FHA mortgages is the best way !!!! - 10/10/08 05:36 AM
IT's still a great time to purchase a home or to refinance !!!!
Lenders still have money to lend. WARNING... WARNING.... buyers can still buy with little money out of pocket, all thanks to FHA mortgages.
There has been a lot of doom and gloom out there in recent months. It's not even the media that is spreading the negative news. Realtors, loan officers, and even many of the consumers are telling others that there is no money to be lent. If not, many are asking questions if there is any money to lend.
With all the news … (9 comments)
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