+1, so it would be the lending industry that would raise their minimum score requirement as a overlay to what FHA's minimum score requirement is. The industry has no problem doing this as conventional loans that are on their dime require a 680 score and even that sometimes isn't good enough. But since they still aren't liable for FHA loans, they will want to balance score requirements with profitability. You don't want the score so high that it blocks the majority of buyers out the market.
The reason the manual underwriting accompanied with justification is so bad is because if a LO puts in justification for someone who has a 580 score to obtain a mortgage and if that person ends up defaulting on their loan and foreclosure proceedings begin, who is the government going to point to...the LO! So they don't want that smear on their career.
The reason the manual underwriting accompanied with justification is so bad is because if a LO puts in justification for someone who has a 580 score to obtain a mortgage and if that person ends up defaulting on their loan and foreclosure proceedings begin, who is the government going to point to...the LO! So they don't want that smear on their career.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014
When they say a score of 620 are they speaking of your actual fico score or the middle score of the three scores?
Starting Score: 553(EQ) 572 (TU) 586(EX) (EQ Complete Advantage)
+1, your middle fico score, which could turn out to be the actual EQ fico provided by this site. It did for me and it made it really easy for me to monitor changes after being preapproved.