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Tighter loan standards

New Member

Tighter loan standards

I keep seeing in the news about the tighter loan standards, however no one is telling you what those new standards are.  I thought I was prepared for a new home, but I wonder what they new standards are and if there will be any effect. 
 
Does anyone know what the latest "loan standards" for prime mortgages are? 
Message 1 of 3
2 REPLIES
New Contributor

Re: Tighter loan standards

You need an 850 FICO score.
 
Just kidding.
 
Lenders are all over the board.  I talked to a bank last week and they said 620 for the best rate (no points).  Yes, no kidding.  Others say 680.  I haven't heard anyone say 720 for the best rate.
 
But, I think alot of it depends on where you live, because some markets have taken a very bad beating, so some lenders may be shy about lending in certain geographical areas.  But I don't think that there is one straight answer out there to give.  It varies.
 
Sorry I can't be of more help.  And sorry about the heart attack (850 score comment).  Smiley Happy
4/20/08 Ex 670 TU 655 EQ 668

6/5/08 Ex 726 TU 717 EQ 705
Message 2 of 3
Super Contributor

Re: Tighter loan standards

if you are over 60% LTV on conventional.... 720 for best rate. So, maddog, now you have heard it. LOL
rate adjustments for fico scores are the new thing.
 
97% max financing except for a few low/moderate income special programs.
 
FHA is king!!!
 
Retired Lender
Message 3 of 3