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Starting Score: TU 660 EQ 623 EX 644
On June 1, 2013, all FHA loans with less than 10% down will require mortgage insurance be paid for the life of the loan. Mortgage insurance will no longer be canceled when the loan amount is 78% of the original amount. The good news is they brought back the mortgage insurance deduction that can be used when you file 2012 taxes.
They are also requiring manual underwriting for scores under 640 and the Broker or LO will have to explain why a particular person is a good candidate. This is the really bad one as most lenders will probably just raise the score requirement to prevent the hassle.
I think there are some other less dramatic changes that I can't remember right now. Others will comment and help me out.
They are also requiring manual underwriting for scores under 640 and the Broker or LO will have to explain why a particular person is a good candidate. This is the really bad one as most lenders will probably just raise the score requirement to prevent the hassle.
I think there are some other less dramatic changes that I can't remember right now. Others will comment and help me out.
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! 
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