Is it true?

carlo@CreditReportAtlas · #1 (**permalink**) 03-01-2007, 11:18 PM

Is it true the qualifying credit score to get 100% financing is 700? I remember 1-1/2 year ago when it was 620.

Erik · #2 (**permalink**) 03-02-2007, 12:04 AM

No, there are programs where you can still get 100% that are not dependent on credit scores like FHA and MyCommunity.

florida man · #3 (**permalink**) 03-02-2007, 07:22 PM

erik

they had better dream up some new programs fast for no doc full asset conforming borrowers for refis

everyones arms are expiring -and they may be underneath the house.

Erik · #4 (**permalink**) 03-02-2007, 08:35 PM

The picture painted there sounds an awful lot like "iceberg!" on the Titantic, because I doubt many lenders will be anxious to jump on products they believe will end up losing them money. Things are getting awful interesting.

Greg · #5 (**permalink**) 03-03-2007, 08:00 AM

I think we would all quit Carlo.

IndyRep · #6 (**permalink**) 03-03-2007, 10:40 PM

FYI: There are a few lenders doing SISA with a 620 score. I would run and close those deals esp. if subprime because guidelines are changing quickly. On our nonprime products we require a 640 mid for 100% full doc, 660 for no ratio and stated.
The market is forcing lenders to become selective and all of a sudden just because your borrower has a 700 mid score, might not qualify for 100% financing, need to look at payment shock, rental history (not private), and reserves. We are in a correction phase. At 95% ltv, a lot of lenders such as Indy will waive the payment shock and only require 2 months piti.
May we all be abundantly blessed.