http://www.fhaloanpros.com/2009/01/is-fha-downpayment-assistance-coming-back/ The Unofficial Guide to FHA Loans & Mortgages Sat, 21 Nov 2009 07:07:47 +0000 http://wordpress.org/?v=2.6 http://www.fhaloanpros.com/2009/01/is-fha-downpayment-assistance-coming-back/#comment-39960 Steve Odierno Wed, 28 Jan 2009 20:45:58 +0000 http://www.fhaloanpros.com/?p=886#comment-39960 It is quite interesting that FHA, which technically has no credit score requirements, is increasingly being associated with credit scores. For instance, while a loan might come back as "Approve/Eligible" through DU with a sub-500 FICO score, some wholesalers will not purchase the paper unless the FICO is 550, 580, or in some cases 600. While I understand the need for prudence - particularly in light of the sub-prime debacle - there seems to be a disconnect between FHA parameters and bank guidelines. I suppose we can now add DPA to the list. It is quite interesting that FHA, which technically has no credit score requirements, is increasingly being associated with credit scores. For instance, while a loan might come back as “Approve/Eligible” through DU with a sub-500 FICO score, some wholesalers will not purchase the paper unless the FICO is 550, 580, or in some cases 600. While I understand the need for prudence - particularly in light of the sub-prime debacle - there seems to be a disconnect between FHA parameters and bank guidelines. I suppose we can now add DPA to the list.

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