Everybody needs to Move it, Move it, Move it!!!

'Cause minimum credit scores are going UP! 

I'm not talking about folks having BAD credit and having trouble buying a home... but I have a borrower right now that has a 618 score - NO LATE PAYMENTS.  He has 20 years of credit history...

He owes Best Buy and Macy's and Room to Go (And Amex, and Bof A for 2 cars, and Wachovia for a mortgage or 2).  NO LATES. But his middle score is 618.

Well, according to our friends at Wells Fargo - pretty soon this borrower (who makes over 150K a year) will not QUALIFY to purchase a home!  Even though he has $98,000 liquid.  His ratios are 18 / 31.

SunTrust has ALREADY put this rule into play - and now Wells.  PLUS, the pricing for these borrowers (at other places) is already AWFUL!

This is SIGNIFICANT.  This is not just for Conventional loans.  I'm talking USDA, VA, FHA -

NOBODY RIDES if their score is less than 620!

(at least not if they are getting their loan with SunTrust or Wells Fargo!)

I know it won't make any difference, but I still called my Congressmen yesterday and let them know this is a HUGE part of the homebuying market that is now EXCLUDED from purchasing a home!  My concern is that we are going too far in pulling guildelines so tight, and with Suntrust, Wells Fargo (and I understand Countrywide) moving to this tighter standard... well, it is an over kill in my opinion.

If you want more information on how to raise your FICO / Credit Score, check out our site dedicated to helping you out! Steve and Eleanor Thorne, Government Loan Experts, 919-649-5058