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FHA Credit Scores & All about FHA loans & mortgages !!!!

 
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 will go down to 580 credit scores for FHA loans.
So, borrower beware. If your loan officer isn't telling you the straight scoop or warning you now, if you are on the bubble, you might want to find a mortgage professional. The easiest excuse to deny you is, "well, credit scores, aka fico scores, just changed, sorry."
 
 
 

I have three major pet peeves !!!!!
Good faith estimates (this link tells you what to look for and how to read a Good Faith Estimate)- If a loan officer qualifies you and you don't get a good faith ... more

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