Fannie Mae is setting new rules about what mortgages it will buy, including a credit score threshold for the first time. The District-based mortgage giant has told lenders it will no longer buy most loans made to borrowers with credit scores below 580, nor will it buy loans that have been more than 60 days past due within the last year.
http://dallas.bizjournals.com/washington/stories/2008/03/31/daily33.html
More and more FICO requirements. Pay your bills on time and keep those credit card balances low, low, low.
Clients will need to be wary of their credit scores and those who do not use a lot of credit will be forced to keep some open credit going on at all times to maintain scores.
Stay tuned as the Mortgage World Turns!!!
http://www.dallasloanguy.com/docs/about_credit.pdf <= A little book about credit that I put together. Some of my writing and some data from other places like the Fair Credit Reporting Act.
Tom Burris
DallasLoanGuy.com
Dallas, TX
“A Home Loan for Every Texan”
http://www.dallasloanguy.com/
Texas Home Loans Texas FHA Mortgage
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FHA Non Occupying Co-Borrower rules in a nutshell.
Typically called a ‘Kiddie-Condo’ loan. FHA allows family members to help their kids buy their first home. Whether they are in school with no income or out in the real world and just need a little extra income to qualify.
FHA allows for a family member to be a non-occupying co-borrower in order to assist in qualifying. This is available when your borrower would qualify for the loan when considering their credit but they wouldn’t qualify because of debt ratios, employment, income and assets.
Adding a NOCB does not resolve credit issues!! The occupying co-borrower must be credit worthy or have no credit at all. Bad credit will kill the deal. No credit - no problem.
The occupying co-borrower does not have to be employed and does not have to invest in the transaction.
The DallasLoanGuy Originates, Processes, Underwrites, Closes & Funds FHA Loans in-house. We offer manual underwrites down to 580 FICO.
Tom Burris
DallasLoanGuy.com
Dallas, TX
“A Home Loan for Every Texan”
http://www.dallasloanguy.com/
Texas Home Loans
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
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