Reminder: FHA changes to mortgage insurance premiums, min credit score, and LTV eligibility are effective today. read more
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Oct
04
2010
04
2010
Reminder: FHA changes to mortgage insurance premiums, min credit score, and LTV eligibility are effective today.
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- May 16 - Freddie Mac updates selling requirements on SSN validation, Relief Refinance Mortgages, and more. FreddieMac.com
- May 16 - Fannie Mae updates Selling Guide to include changes to DU Refi Plus, HHF, mortgage loan policy, and more. eFannieMae.com
- May 9 - Fannie Mae provides new document custodian requirements regarding compliance audits and certification practices. eFannieMae.com
- May 7 - Read MCA's May newsletter for the latest compliance updates and tips. MCA.com
- May 2 - HUD revises High Cost Areas for 2012 and Annual Base City High Cost Percentage. HUD.gov
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Publishing information about credit scores that FHA will insure is very different than what the banks will approve. If you have information to support the funding and making loans based on the Mortgage letter 10-29 in September please let me know. On October 4 all major lenders increased the minimum credit score to 640. If you can help send me a note.
Until FHA implemented their FICO requirements on October 4th, 2010, FHA did not have a FICO score requirement. However, FHA regulations are often overlaid by investors’ rules, and several investors have raised the minimum FICO requirements well above the new FHA requirements. Investors are allowed to place any additional restrictions above and beyond what FHA requires. The only way to originate an FHA loan without the investor FICO overlays would be to find a lender without FICO restrictions (and it would be difficult) or your current company would need to be approved to sell their FHA loans directly to Ginnie Mae, therefore, bypassing any investor overlays.