02-11-2013 12:05 PM
02-11-2013 12:14 PM
02-11-2013 12:43 PM
So by manual underwriting, that means they dont use DU at all? I thought based on my experience all FHA loans were at some point individually looked at by a human underwriter?
02-11-2013 12:47 PM
02-11-2013 05:30 PM
PMI for the life of the loan will be applied to 30 yr loans, I don't beleive it will be asssed for the life of a loan on a 15 yr loan. At least that is what I thought I read, lol.....anyone else know for sure if it applies to only 30 yr loans?
02-11-2013 06:31 PM
02-11-2013 06:48 PM
The truth is, while it does matter what FHA minimum scores are according to FHA, the Lender overlay requirements is all that will matter.
If FHA minimum scores end up being 640, you can count on many lenders overlay requirements will increase also.
The lenders today saying FHA scores need to be 640, is just that Lenders overlay requirements.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.