Stop the presses . . . I am not talking about "no doc" and "liar" loans. . .

I have occasion to speak with other agents and loan officers . . . and it amazes me how we brag about the deals we got our clients . . .

But how much stretching is permitted before we are simply "blowing smoke" . . . ?

I have agents trying to convince me that they are getting deals done with clients who have scores lower than . . . what ever is the stated minimum . .

when the magic number was 600 . . . . they say . . I just got a 580 through . . . when the magic number is . . . 620 . . they say . . I just got 2 600's approved . .
and so on
and so on

. . . Where are these elusive magical miracle workers . . .?

__________________
--Richmond VA and the entire surrounding metropolitan area: Chesterfield County - Henrico County - Amelia County - Dinwiddie - Prince George - Charles City County and the cities of Petersburg - Colonial Heights - Hopewell -
. . . Ask Me How to Get a Free Gas Card Now!

We still have the ability to do loans with scores down to 580, but to be honest that is not the type of loans where I would want to spend all of my time. They are labor intensive given the strict guidelines and you can only get maybe 1 out of 5 approved. You have a much better chance of getting a loan through with a 620 score. I work with the client to get their score up, by legitimate means such as having them pay down high balance credit cards, etc., etc. Sometimes it only takes a few hundred dollars to bring your credit score up 20 or 30 points. I have seen it happen case after case.

Indeed. It's just something that is nagging at me during my "downtime" . . . I have 3 clients on hold . . . waiting for a reply on foreclosure properties . . . and one of my other clients just got declined on qualification/approval b/c of the score being under 600 . . . Guess I was just being too greedy . . . hoping I could get this person approved too . . . I would stand to get another transaction lined up sooner than later . . . but loan officer said there was nothing but TIME that would get the score up . . . SHUX!

__________________
--Richmond VA and the entire surrounding metropolitan area: Chesterfield County - Henrico County - Amelia County - Dinwiddie - Prince George - Charles City County and the cities of Petersburg - Colonial Heights - Hopewell -
. . . Ask Me How to Get a Free Gas Card Now!

That's the worst when there is nothing but time that increases your score. You never know how long to wait and there is nothing you can do. I have had several like that lately.

If there is anyone in your market place still doing manual underwritting of FHA loans you can still get someone with a sub 600 score done. I have heard of a few mortgage banks that are still doing them. Trouble is the ones I have heard discussed do not lend here in Texas.

__________________
houston homes|humble homes for sale|Kingwood homes

In general, I would say yes there are. However, it must be getting more restrictive because now when I ask loan officers about it, more and more officers are either saying "that can be done" or we can do that for some applicants, but not "this" one" . . .

__________________
--Richmond VA and the entire surrounding metropolitan area: Chesterfield County - Henrico County - Amelia County - Dinwiddie - Prince George - Charles City County and the cities of Petersburg - Colonial Heights - Hopewell -
. . . Ask Me How to Get a Free Gas Card Now!

I am not sure about your area, but I have use Wells Fargo in the past for FHA. Make sure to work with someone that have been doing it for years and can handle all of the issues.

__________________
Las Vegas mortgage . Jacksonville Mortgage .Irvine mortgage.

For the 580s that you cannot get approved, we have attorneys who can fix their Credit Score and refer the client back to you for approval. This can get done as quick as 60 days. Let me know if you want more info. Thanks!

I certainly want more information . . . though I am always skeptical of those who can "fix" things but I do want to open the door and kick the tires so to speak . . . pm me or post please

__________________
--Richmond VA and the entire surrounding metropolitan area: Chesterfield County - Henrico County - Amelia County - Dinwiddie - Prince George - Charles City County and the cities of Petersburg - Colonial Heights - Hopewell -
. . . Ask Me How to Get a Free Gas Card Now!