topic Re: New Mortgage Qualification? in Mortgage Loans

New Mortgage Qualification?

Anonymous — Tue, 04 Sep 2007 18:00:26 GMT

Does anyone know the new FICO Qualification for prime mortgage loans? I read somewhere it's now 700 for 100% financing, is this true? I'm currently around 660 but will not make it to 700 for a while so I might as well sign a new lease.

Re: New Mortgage Qualification?

Anonymous — Tue, 04 Sep 2007 19:47:36 GMT

Depends on the lender. But a local bank I spoke too last week told me they would not approve 100% financing for anyone with a score below 700.

Re: New Mortgage Qualification?

Anonymous — Tue, 04 Sep 2007 20:29:29 GMT

It depends on your credit histroy and many other factors but 575 is the lowest for 100 percent. The reason is that you can not get PMI below a 575.

Re: New Mortgage Qualification?

Anonymous — Tue, 04 Sep 2007 22:15:43 GMT

@Anonymous wrote:
It depends on your credit histroy and many other factors but 575 is the lowest for 100 percent. The reason is that you can not get PMI below a 575.

So are you saying if you have a middle score of 620, I could qualify for 100% financing? If so, I'd like to know how that works and with what company? Thanks!

Message Edited by pinkville on 09-04-2007 03:15 PM

Re: New Mortgage Qualification?

Anonymous — Tue, 04 Sep 2007 22:22:24 GMT

Well it takes more then your score to get 100 percent but its still out there. I'll PM you my information.

@Anonymous wrote:
@Anonymous wrote:
It depends on your credit histroy and many other factors but 575 is the lowest for 100 percent. The reason is that you can not get PMI below a 575.
So are you saying if you have a middle score of 620, I could qualify for 100% financing? If so, I'd like to know how that works and with what company? Thanks!

Message Edited by pinkville on 09-04-2007 03:15 PM

Re: New Mortgage Qualification?

Anonymous — Thu, 06 Sep 2007 04:54:07 GMT

I will be getting a 100% fan. with the mid score of 640. I will be closing in 2 weeks. They are still out. But the lowest score you can have is 640.

Re: New Mortgage Qualification?

Anonymous — Thu, 06 Sep 2007 13:34:19 GMT

@Anonymous wrote:
I will be getting a 100% fan. with the mid score of 640. I will be closing in 2 weeks. They are still out. But the lowest score you can have is 640.

Post your GFE so we can all see.

Re: New Mortgage Qualification?

Anonymous — Thu, 06 Sep 2007 18:44:03 GMT

Thats not true about the 640. Lenders look at more than Fico scores.

Teresa wrote:
I will be getting a 100% fan. with the mid score of 640. I will be closing in 2 weeks. They are still out. But the lowest score you can have is 640.

Re: New Mortgage Qualification?

Anonymous — Thu, 06 Sep 2007 18:45:38 GMT

I have a borrower with a 603 and one with a 616 that I just sent approval letters to the realtors.

Re: New Mortgage Qualification?

Anonymous — Fri, 07 Sep 2007 04:36:26 GMT

Are you abled to provide full documentation of your income for the last 2 years?

Do you have at least 12 months documented rent payment history?

Are you trying for a loan with payment > 2x your current rent payments?

Do you have at least 2 trade lines on your credit report > 12 months with activity & timely payment history?

Have you been employed for the same company or same line of work for the past 2 years?

Edited!

Hi MortgageAdviser:

Sorry to let you know that your post has been edited because it violates FICO Forums Guidelines and Terms of Service, which prohibit: Spam, such as advertisements for other web sites and services, or other commercial solicitation.

Refer to our Guidelines and Terms of Service for more information.

Please feel free to post a revised message – we value your contributions!

Thanks for your help in keeping the FICO Forums a friendly, productive environment for all members.

Fused--

Message Edited by fused111 on 09-06-2007 06:36 PM

Re: New Mortgage Qualification?

Kissyfur30 — Fri, 07 Sep 2007 16:40:41 GMT

What was the interest rate you got these two? I am in the low 500's but quickly building my scores with timely payments and paying off CC's. Once I get to the 600's I am going to try to get a home loan. I was just wondering what kind of interest rate these two with low 600 scores got and do they have to do any type of documentation, such as employment or rental history? I will be a first time buyer.

Re: New Mortgage Qualification?

Anonymous — Fri, 07 Sep 2007 17:55:39 GMT

Your goal sould be to get your scores above 600. Try and save some money so you have reserves and work on getting your DTI low. Even with scores in the low 600 you can still get below 7%.

Re: New Mortgage Qualification?

Anonymous — Sat, 08 Sep 2007 04:53:53 GMT

I have 12 months of great renting payment, my own company for 5 years, I pay $950 a month on rent and will be paying $1,589 a month on mortgage with 7% interest rate with stated loan.

Re: New Mortgage Qualification?

Anonymous — Sun, 09 Sep 2007 04:40:46 GMT

If you got a 7% going stated I take it and run!!!!!! Run Fast!!!!! Good Job!

Teresa wrote:
I have 12 months of great renting payment, my own company for 5 years, I pay $950 a month on rent and will be paying $1,589 a month on mortgage with 7% interest rate with stated loan.