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amerigo
133 Posts |
 Posted - 01/07/2008 : 9:18:08 PM
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| A couple of my lenders are now starting to add a hit for FICO's less than 680 even if we get an approve from DU or LP. Are there any out there that will just take the approval and not tack on that hit anymore? I was told it is starting industry wide. |
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seaRick1
395 Posts |
Posted - 01/07/2008 : 9:56:18 PM
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| It's a FNMA guideline now. I belive the 'break points' are 680+ is your best pricing, and then a pricing hit for between 620 to 679, and then another one below 620. What can you say, it is what it is. Frankly, I'm surprised that we can still do 100% programs for people in the low to mid 600 FICO ranges considering what happened last year. |
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mwfan55
402 Posts |
Posted - 01/07/2008 : 10:01:29 PM
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| Each lender is doing these differently. I was just looking at 2 for 626 80% and one was 2.50 and the other was only 1.00 , so you need to check all. |
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RGK2394
1245 Posts |
Posted - 01/07/2008 : 10:35:09 PM
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This exact topic has been posted many times already, by MAndyVilla and myself, and others-
In March of this year, it will be industrywide for Fannie Mae- fico hits 600-679, major pricing hits. Alot of majr lenders have already initiated this in anticpation of getting Dec/Jan/Feb's deals off their books. I'd be shocked if everyone isn't implementing it ahead of the final deadline. |
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