FNMA EA LEVELS CHANGING TO 620 MINIMUM FICO!!

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Mortgage and Lending with Kris Krajecki - FOX VALLEY MORTGAGE - Huntley, IL

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

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Rainmaker
560,017
Jo Olson
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt
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 14, 2008 03:39 AM #1
Rainer
168,035
Matthew J Blum - (retired from the business)
Palm Beach Gardens, FL
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 14, 2008 10:26 PM #2
Rainer
10,130
Stephen C. Olczak
Mortgage Help - Fort Myers, FL

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!

Jan 20, 2008 01:11 PM #3
Rainer
1,642
Scott Lambert
US Bank - Santa Monica, CA

The loan brokering industry has changed significantly over the past few years.

One of the main changes is on their minimum credit score requirement on FHA VA Programs.

Many wholesale lenders are requiring a 620 minimum credit score.

 

There's Hope!!!

I work directly with US Bank's Nationwide Home Mortgage division which allows me to offer a

No Minimum Credit Score requirement on our FHA VA Programs.

Realtor's, Mortgage Professionals and Consumers are all welcome to contact me.

As the industry keeps challenging us it's good to know that there are options.

Homeownership is my community pledge to you.

Contact me directly: 480-538-5663

E/M scott.lambert1@usbank.com

May 22, 2009 12:36 PM #4
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Rainer
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Kris Krajecki

Mortgage Broker Huntley, IL
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