Comments on: Does FHA Have Minimum FICO Score Requirements? http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/ Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans. Fri, 03 Feb 2012 22:46:49 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: John http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-2093 John Tue, 22 Sep 2009 23:40:37 +0000 http://www.arizonamortgageteam.com/?p=917#comment-2093 We are a Ginnie Mae endorsed lender and can do FHA loan for Refi or purchase down to a 560 credit score. This includes Jumbo loans to county limits. Call me at 800-779-1239 Ext. 369 and maybe I might be able to help..... We are a Ginnie Mae endorsed lender and can do FHA loan for Refi or purchase down to a 560 credit score. This includes Jumbo loans to county limits. Call me at 800-779-1239 Ext. 369 and maybe I might be able to help…..

]]> By: Edwin http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-2077 Edwin Mon, 14 Sep 2009 18:35:06 +0000 http://www.arizonamortgageteam.com/?p=917#comment-2077 I think everybody here is missing the point, all this credit junk isn't what got america into this problem...It's because investors were working with appraisers and loan people so that EVERYBODY made a buck and others were stuck with Over Appraised houses, sub prime loans, HELOCs they never should have gotten and ARMs loans...They were giving house loans to anybody with a drivers license that at least looked a little bit real. The American people got screwed and a ton of people made money, but don't you worry Obama is all about raising taxes to help offset the losses to the banks on loans they NEVER should have approved in the first place. They Screw us and Obama bails them out. How nice! I think everybody here is missing the point, all this credit junk isn’t what got america into this problem…It’s because investors were working with appraisers and loan people so that EVERYBODY made a buck and others were stuck with Over Appraised houses, sub prime loans, HELOCs they never should have gotten and ARMs loans…They were giving house loans to anybody with a drivers license that at least looked a little bit real. The American people got screwed and a ton of people made money, but don’t you worry Obama is all about raising taxes to help offset the losses to the banks on loans they NEVER should have approved in the first place. They Screw us and Obama bails them out. How nice!

]]> By: Lisa http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-2075 Lisa Mon, 14 Sep 2009 02:02:44 +0000 http://www.arizonamortgageteam.com/?p=917#comment-2075 I am very annoyed with Lee & Justin's comments. Just because you HAD bad credit does not mean things can't change. For example, if someone had a high debt to income ratio but then was promoted to a position with a salary that doubles and could afford to handle a higher payment on an FHA 203k and also paid off 80% of their current outstanding debt, but was denied based on the past credit certainly doesn't make much sense. Circumstances change daily and the fact that it takes FOREVER for debt payoffs to reach the 3 credit reporting agencies doesn't help. Also, what about people who already have an FHA and are looking to re-finance to an FHA 203k after already increasing the value of the home over $100,000, can't because of past credit problems. Think before you type. I am very annoyed with Lee & Justin’s comments. Just because you HAD bad credit does not mean things can’t change. For example, if someone had a high debt to income ratio but then was promoted to a position with a salary that doubles and could afford to handle a higher payment on an FHA 203k and also paid off 80% of their current outstanding debt, but was denied based on the past credit certainly doesn’t make much sense. Circumstances change daily and the fact that it takes FOREVER for debt payoffs to reach the 3 credit reporting agencies doesn’t help. Also, what about people who already have an FHA and are looking to re-finance to an FHA 203k after already increasing the value of the home over $100,000, can’t because of past credit problems. Think before you type.

]]> By: Diana http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-1753 Diana Fri, 24 Jul 2009 19:35:53 +0000 http://www.arizonamortgageteam.com/?p=917#comment-1753 Lee H. you are naive and a fool. I am a 583 right now and I am having issues getting a loan even though I have a house paid off in cash worth 350k. And I have 500k liquid cash in the bank. My issue is that I have little debt. So there is no good debt to offset by one bill of bad debt. I had a bill overdue I had forgotten about for only 3,900$. And I may have been late paying my car payment due to illness twice. That reamed my credit to 583, but with my assets I am a better risk than the average fool with a higher score. This is why the mathematical reasoning of the fico score makes no sense. And why investors are fools to exclude people like me. I've paid off that deliquent bill, maybe I will goto 620 sometime. I hope so I want to buy a new house before selling this one I am relocating for a job and I cannot afford to pay all cash since I have 350k cash in this house. I need a loan and I cant get one. America has gone stupid. That's why they loan to people with no assets and leave ppl with assets and one delinquent bill aside. Lee H. you are naive and a fool. I am a 583 right now and I am having issues getting a loan even though I have a house paid off in cash worth 350k. And I have 500k liquid cash in the bank. My issue is that I have little debt. So there is no good debt to offset by one bill of bad debt. I had a bill overdue I had forgotten about for only 3,900$. And I may have been late paying my car payment due to illness twice. That reamed my credit to 583, but with my assets I am a better risk than the average fool with a higher score. This is why the mathematical reasoning of the fico score makes no sense. And why investors are fools to exclude people like me. I’ve paid off that deliquent bill, maybe I will goto 620 sometime. I hope so I want to buy a new house before selling this one I am relocating for a job and I cannot afford to pay all cash since I have 350k cash in this house. I need a loan and I cant get one. America has gone stupid. That’s why they loan to people with no assets and leave ppl with assets and one delinquent bill aside.

]]> By: What’s an HVCC and How does it Affect the Real Estate Market? | Real Central VA http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-1464 What’s an HVCC and How does it Affect the Real Estate Market? | Real Central VA Mon, 08 Jun 2009 03:01:41 +0000 http://www.arizonamortgageteam.com/?p=917#comment-1464 [...] of HR1728, Mortgage Insurance companies changing their guidelines, Fannie’s new condo rules, FHA fico score requirements, Loan Level Price Adjustments, new FHA appraisal guidelines, adjusting interest rates in an [...] [...] of HR1728, Mortgage Insurance companies changing their guidelines, Fannie’s new condo rules, FHA fico score requirements, Loan Level Price Adjustments, new FHA appraisal guidelines, adjusting interest rates in an [...]

]]> By: nick http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-1436 nick Mon, 01 Jun 2009 13:43:46 +0000 http://www.arizonamortgageteam.com/?p=917#comment-1436 Hello Justin, Your article was good. What I am looking for, probably like many other people, is the name of a reputable FHA lender or lenders who do not have minimum credit score requirements!! Or, can you provide a list of investors who do not have such requirements? Your help would be greatly appreciated. Sincerely, Nick Simoneau Hello Justin,

Your article was good. What I am looking for, probably like many other people, is the name of a reputable FHA lender or lenders who do not have minimum credit score requirements!! Or, can you provide a list of investors who do not have such requirements? Your help would be greatly appreciated.

Sincerely,

Nick Simoneau

]]> By: Is Now A Good Time to Buy a Home? « At Home in Chandler Arizona http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-1407 Is Now A Good Time to Buy a Home? « At Home in Chandler Arizona Thu, 28 May 2009 02:36:40 +0000 http://www.arizonamortgageteam.com/?p=917#comment-1407 [...] 3) Financing requirements can always change.  How’s your credit score? [...] [...] 3) Financing requirements can always change.  How’s your credit score? [...]

]]> By: Top 5 real estate posts of the day – Thursday 5/21/2009 http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-1373 Top 5 real estate posts of the day – Thursday 5/21/2009 Fri, 22 May 2009 15:03:08 +0000 http://www.arizonamortgageteam.com/?p=917#comment-1373 [...] Does FHA have a minimum FICO score requirement? – While FHA does not have a minimum FICO score requirement, that does not mean you can get a FHA [...] [...] Does FHA have a minimum FICO score requirement? – While FHA does not have a minimum FICO score requirement, that does not mean you can get a FHA [...]

]]> By: Justin McHood http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-1370 Justin McHood Thu, 21 May 2009 23:27:17 +0000 http://www.arizonamortgageteam.com/?p=917#comment-1370 @Lee, Thanks for stopping by and leaving a comment. I know this may amaze you... but I see it all the time. Someone with high (enough) income and bad credit. And no money saved for a down payment. And yes, it scares me. But guidelines are tighter now than they were two years ago - which is a good start. Justin @Lee,

Thanks for stopping by and leaving a comment. I know this may amaze you… but I see it all the time. Someone with high (enough) income and bad credit. And no money saved for a down payment.

And yes, it scares me.

But guidelines are tighter now than they were two years ago – which is a good start.

Justin

]]> By: Lee H. http://www.arizonamortgageteam.com/does-fha-have-minimum-fico-score-requirements/#comment-1369 Lee H. Thu, 21 May 2009 21:00:40 +0000 http://www.arizonamortgageteam.com/?p=917#comment-1369 Regardless of whether you could get approved on a loan at such a low credit score, I can't quite see how a person in that category could afford a loan payment. It would see to me that they shouldn't have the necessary cash position to put a down payment either. Regardless of whether you could get approved on a loan at such a low credit score, I can’t quite see how a person in that category could afford a loan payment. It would see to me that they shouldn’t have the necessary cash position to put a down payment either.

]]>