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velecico
4204 Posts |
 Posted - 04/07/2008 : 08:04:15 AM
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I am a correspondent lender , use CW for FHA , we are being told NO MANUAL if score is below 580 , is this even legal ? can the lenders pick and choose which FHA deals they want to fund ? , I never saw a memo directly from HUD that has mentioned credit score criteria |
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jtm7332
512 Posts |
Posted - 04/07/2008 : 08:05:13 AM
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| They are the ones lending the money. Of course they can pick and choose what deals they want to fund. |
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Carpet Muncher
1385 Posts |
Posted - 04/07/2008 : 08:07:32 AM
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| When people with bad credit are denied they should file a lawsuit against that lender for credit score discrimination! |
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number22
593 Posts |
Posted - 04/07/2008 : 09:11:59 AM
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| Security Atlantic WWW.FHALAND.COM will go down to 530 |
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habsfan
602 Posts |
Posted - 04/07/2008 : 12:04:39 PM
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| HUD doesn't have score requirement, but most investors now have minimum scores. i do a ton with CW and my AE told me the scores are mainly because of gnma bond performance (delinquency is awful) and the amount of crap files shops put in are bogging down the system. at least with min scores for manual, it'll cut out the garbage until shops know how to submit FHA loans. |
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jamesthom101
30 Posts |
Posted - 04/07/2008 : 12:10:00 PM
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| If they go below 580 it really isn't going to be worth it to you anyway with the price hits. I am in NH and you take 1.45 hit to rate and 3.0 to price. However, I have been trying out Freedom Financial. They supposedly do not have the sub-580 requirement. Pretty much everyone is eliminating below 580/575. |
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