READ THIS Credit Score Requirements C-H-A-N-G-I-N-G!

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Mortgage and Lending with Equity Resources NMLS 67179 Licensed in NC

Move It!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 FargoEverything is Changing - 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

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Re-Blogged 3 times:

Re-Blogged By Re-Blogged At
  1. Fred Chamberlin 01/23/2009 08:01 AM
  2. Tom Burris 01/23/2009 08:52 AM
  3. D B 01/24/2009 02:06 AM
Topic:
Mortgage / Finance
Location:
North Carolina
Groups:
North Carolina Real Estate
Realtors®
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Tags:
credit score
fico
credit scores
fha loans
620
conventional mortgages
usda home loans
va mortgage loans
qualifying for usda loans

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Eleanor Thorne

Equity Resources 919-649-5058
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