Mortgage Middle Score??

[Anonymous]

If you have a 620 with no BK, no lates, great credit history, reserves for 6 months, and your DR is low. Why not?

[Anonymous]

My understanding is that Onemortgageguy is right (apparently he does mortgages ):

I believe for prime they use the lower borrower's middle score.

[Anonymous]

Just to let everyone know... Thing may be different at other companies (I work for Countrywide) but for Prime Conforming Loans all lenders follow FannieMae guidelines. Go to www.fanniemae.com for more information. This website is a pain to use but has a lot of good information.

As for subprime... I'm in Dallas and I see thing on the news all the time about how bad the market is or what another lender has done. Before you could find lenders that would use your higher fico and I know for a fact that a subprime lender was doing refi's on 1st mortgages with no appraisal. I even know of one that was getting what ever appraised value they wanted.

Not my list below...http://ml-implode.com/ Top 25 Subprime Lender list
(as of Q2 2006; from the Mortgage Banker's Assoc. Red are shutdown and/or bankrupt, blue are no longer operating independently) -

1. Wells Fargo [not doing much subprime anymore; also not #1 due to reclassifying servicing business]
2. HSBC Household Finance [HSBC's subprime erased at least half of '06 earnings]
3. New Century [funding pulled; lending halted, lawsuits, criminal probes, impairments]
4. Countrywide [subprime to hurt results; layoffs]
5. Fremont General [2007-03-02; residential subprime activities ceased]
6. Option One [Sold! to Cerberus.]
7. Ameriquest [ACC's formerly-major retail subsidiary]
8. WMC [subsidiary of GE Money; layoffs, subprime causes $373mln hit to Q1'07 profits]
9. Washington Mutual [some branch closures starting late 2006]
10. CitiMortgage [tightening standards]

1. First Franklin [acquired by Merrill Lynch from National City for $1.3bln]
2. GMAC [Major layoffs in ResCap; more layoffs; Looming writedowns]
3. Accredited Home [in a serious cash crunch]
4. BNC [Lehman bros. subsidiary]
5. ChaseHome Finance
6. Novastar [announced impairments; likely no dividends post-2007, no taxable income through 2011; shareholder lawsuits]
7. OwnIt, 2006-12-07 [partially-owned by Merrill and BofA]
8. Aegis [not doing subprime anymore]
9. MLN, 2006-12-29 [Much of the sales force has gone to Lehman]
10. EMC

1. ResMAE,2007-02-13 [acquired by Citadel (still operating)]
2. FirstNLC [almost totally shut down]
3. Decision One [owned by HSBC; rumored to be up for sale; closing 13 of 15 offices?]
4. ECC/Encore [fire-sale bought out by Bear-Stearns]
5. Fieldstone [2007-02-16, bought by C-Bass]

(Partly based on information from here. See a list of major Alt-A lender

[Anonymous]

This is very interesting.
My first mortgage was with OptionOne. Re-fi in 1 year- Very sub-prime

second was sold to Ameriquest- Getting settlement in calss action this fall- look for my post

Now homecomings- Owned by GMAC. Not sub-prime.

[Anonymous]

Timothy - I would love to hear more about your Ameriquest settlement. Whenever you post it PLEASE email me. Thanks

As for everyone else... I know Countrywide is on the list but if you click on the link it shows us laying off 108 people. Better then 10,000 or just closing our doors. 

[Anonymous]

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=8092

http://www.ameriquestmultistatesettlement.com

[NikJ4]

not sure if this has actually been answered for you but they will use the 635 ( i think that is what it was) of your Husband's score to base your loan. They take the lower of the two applicants to determine what loan product you will qualify for. Since you will have to go full doc(bankstatements, paystubs etc) this should be no problem getting qualified. Please make sure that you are not getting raped over a rate and look on your Good Faith Estimate what the YSP is being paid to your broker(if you are using one). This is Date Rape 101. I worked in that industry for 10 + yrs.