Maybe it is my fault that I jinxed myself.  I did write about some  FHA Success Stories and some VA Mortgage Success Stories  recently.   I received a report stating that despite the fact My Company can still approve FHA and VA loans down to a 540 credit score with an automated approval and manually underwrite FHA and VA loans to a 580 credit score, this may come to an end at some point as the secondary market is still tightening, despite efforts by the Obama Administration to loosen the secondary market. Edit- see note below from 3/5/2009

All I can say is that if you are a consumer that is waiting for "rates to drop" and have a less than perfect credit history, now is the time to act before guidelines change without notice and without any warning.  I feel it is a shame that otherwise qualified, full income and asset documented borrowers are having trouble obtaining FHA and VA financing at this time. This is mainly because consumers, lenders, brokers, real estate agents, Wall Street, and Insurers of Securities abused the system.

Personally, I feel that strong FHA and VA secondary market support should be at the forefront of the Obama Administration's efforts to increase the pool of qualified homebuyers to guide us out of our current mess.  Homebuying and home sales begin with the first-time buyer and/or a buyer working their way through any previous credit issues.  That sale/purchase then works its way up to the higher priced homes, kind of like the reverse of supply-side economics from the Reagan Administration.

I sincerely hope I don't receive any memos soon stating FHA and VA guidelines have tightened.

EDIT-Too Late- Thursday 3/5 we got notice all VA and FHA loans need a 620 moving forward.

Michael Byrne

908 531 6170

FHA, VA, and Jumbo Specialist

www.refi-fhasecure.com

www.mortgageprosforum.com

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