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FNMA EA LEVELS CHANGING TO 620 MINIMUM FICO!!

I just recieved an e-mail from one of my lenders (GMAC)....he says that that all FNMA products will be changing as soon as tomorrow!

(from e-mail:)

ALL EA LEVELS AND MY COMMUNITY IS CHANGING TOMORROW, FANNIE IS CHANGING THE MIN FICO TOMORROW, RUN AND LOCK THESE LOANS TODAY. THEY ARE SAYING MIN FICO @ 620!

If this is true, a lot of deals will be lost to 580 - 620 borrowers who are pre-approved and actively looking for houses! KEEP YOUR EYES OPEN!!

This change is significant enough to remind me of last year when sub-prime lenders were falling out and guidelines changed so quickly that many many LO's and Realtors lost many deals simply because the borrower was qualified on Monday and was not on Tuesday!

FHA lenders who only take a 580 or better are looking better NOW! Hopefully the new FHA limits will be in place SOON!

:-)

~Kris Krajecki

Posted by Kris Krajecki Mortgage Broker Huntley, IL on 01/14/2008 10:23 AM

Comments (4)

mortgage, rates, refinance

Post is included in group: The Legal Credit Repair Community

4 Comments on FNMA EA LEVELS CHANGING TO 620 MINIMUM FICO!!

JAN

2008

You know I really think that there should be some "grandfathering" in for like 30 days or something. I can't imaging being approved and the next day not! This stinks - then again I am not a "fico fan".

JAN

2008

Kris, I did not see that E-Mail. I don't do a lot of the my Community programs so this is really good info. Thanks for passing the info along

JAN

2008

Time is of the essence! I remember late in 2006 that exact thing happened to one of my files.

We are embracing FHA and using Genesis. Actually the first Genesis deal I have tried is set to close soon...you know how that goes, I hope the underwriter does not stip us for anything this time around!