580 minimum credit score has now become our bogey.  My company decided to put this in place for FHA approvals which was the last place I could have gotten someone pre-approved with less than stellar credit.  The only good news for me is that many other lenders now require a 600 or 620 minimum so call me if I can help you.
 
But, if you have a buyer that knows he has a credit score lower than 580, I cannot help them at this time other than offer some advice or look for other ways to approve like with another borrower in their family.
 
On another topic, my Regional Manager pointed out that we need to be asking all of our borrowers for referrals.  This is something that I preach but to be honest, rarely practice.  Are you doing this?  I am going to start with my next borrower!  It is smart to do since you already have rapport with your client, they can sell you as a third-party referral.  Just mention their name often in the conversations with the new prospect.
 
Last quick note, I pulled a credit report for a borrower in Florence and found a local medical provider now reporting a $2.o0 collection!  This is the lowest I've seen in my 5 years in the business and shows the times we are now in.  Medical providers are selling all their bad debts to collection companies that are going after every dime they can get, even if it is probably costing them more than they can collect.  In the meantime, we are all suffering with the lower scores that keep us from being able to get financing.

 

Sam Thompson,  PHH Mortgage

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

http://samthompson.phhmortgage.com/

www.myphhmortgageadvisor.com/

 

 
Post is included in group: North Carolina Real Estate
Post is included in group: Coldwell Banker United Realtors
Post is included in group: The Ninety-ninth Percentile
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2 Comments on FHA Credit Score Minimums Kicking In!

MAY
11
2008
1 Featured Post

Well Sam, I think we all knew it was only a matter of time before this happened. 
11:09pm • #1
APR
02
2010
128,522 Points 1 Featured Post Outside Blog

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10:51pm • #2


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Sam Thompson - Green Tree - NC and SC 910-280-1114 - NMLS#70388

Laurinburg, NC

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Address: 112 West Blvd, Laurinburg, NC, 28352

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