topic Re: Did I hear correctly? in Mortgage Loans

Did I hear correctly?

Anonymous — Wed, 29 Apr 2009 01:06:52 GMT

Some FHA lenders willing to accept a 600 median score???

Re: Did I hear correctly?

Anonymous — Wed, 29 Apr 2009 01:12:26 GMT

You heard correctly, but understand what it means. It means, under the right circumstances, you MAY get approved at under 620 if your underwriter is in a good mood and the file is VERY clean with some compensating factors to allow it. It does not mean that anyone with a 600 can get a loan. Also, keep in mind that MANY people on this board have been led on by LO's and UW's who at the last minute could not get the approval promised because of the FICO. So, tread carefully.

Re: Did I hear correctly?

Anonymous — Wed, 29 Apr 2009 01:21:47 GMT

@Anonymous wrote:
You heard correctly, but understand what it means. It means, under the right circumstances, you MAY get approved at under 620 if your underwriter is in a good mood and the file is VERY clean with some compensating factors to allow it. It does not mean that anyone with a 600 can get a loan. Also, keep in mind that MANY people on this board have been led on by LO's and UW's who at the last minute could not get the approval promised because of the FICO. So, tread carefully.

Oh. I dont want such a great disappointment, so I will continue with my GW, and on time payments/lowering my Util for another 3 months. Hopefully that will boost my score. Thank You!

Re: Did I hear correctly?

Anonymous — Wed, 29 Apr 2009 01:38:51 GMT

It is definitely not imposssible, but there are alot of bad stories mixed in with a few success stories on these boards.

Re: Did I hear correctly?

Anonymous — Wed, 29 Apr 2009 07:57:54 GMT

I don't want to get anyones hopes up but my wife just got through on a $258,000 FHA with a 609 mid score......we closed on the 16th!

Re: Did I hear correctly?

Anonymous — Wed, 29 Apr 2009 12:50:01 GMT

I'd love to hear who you went through. I'm at a 619 now, and should end up over 620, but I'd like to have a backup plan just in case. You can pm me if you'd like.

Re: Did I hear correctly?

Anonymous — Wed, 29 Apr 2009 12:55:48 GMT

@Anonymous wrote:
I'd love to hear who you went through. I'm at a 619 now, and should end up over 620, but I'd like to have a backup plan just in case. You can pm me if you'd like.

I would like to know as well. Please PM me also?

Thanks