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I don't think it's quite that loose, you have to be further along than "in the process" according to our lender this afternoon. He said there's also rumor it's going to go higher than 620 by end of summer. Guess we'll see!
By "in the process" I mean have an actual loan app filed, not a preapproval. I'm basing that off what was posted on another site by a broker. This is an exerpt from the announcement by a large lender:
Any new loan registered with us on or after March 2, 2009 must meet the new minimum FICO requirements.
No deadlines are currently being placed for Lock Date, Closing, or Funding. Should investor requirements change we will be forced to implement one.
So... it would appear that any actual loans in progress are not affected.
@AmandaSD wrote:
I just read on someones post that this has just happend...is it true? It says nothing on the FHA web sites about this...Im in panic mode now...
One thing to remember here: FHA does not MAKE loans, they insure them. It's the lenders that are requiring the 620+ scores.
Instead of panicking, work on getting those scores up like yesterday!
We are finally homeowners!!
Closed May 5th-30 yr fixed at 5.25%.