Swolf Posted May 17, 2007 Report Share Posted May 17, 2007 I put an offer on a house and am awaiting what the seller will do, I am thinking it will go through. So I was talking to my morgage guy today and he told me he was told that they (the goverment) are suspending the be under 5000 owed on your credit report. Can you guys validate that?Just FYI:he stated he ran me through a Fannie Mae thing and it tells him if I am eligible, which I am but I owe 7334.00 on my credit report. He stated I have to put 1000.00 down earnest, and pay down under 5000.00, and bring 110.00 dollors to closing. 30 fixed 6.25%. But with this change that means I don't have to worry about paying 2300.00 dollors which is huge. Link to comment Share on other sites More sharing options...
firstsource Posted May 17, 2007 Report Share Posted May 17, 2007 They are removing the need for collections to be under 5000, but the approvals are supposed to be getting more difficult to get.I am using this loan program to convert sub-prime ARMs where the scores are still low, but the mortgage has been paid on time for the past 2 years. Until this program it was a catch 22 (that I was trapped in years ago myself) where the ARM's fixed rate period was ending and the borrower could not get into another loan due to low scores. Charles Link to comment Share on other sites More sharing options...
Swolf Posted May 17, 2007 Author Report Share Posted May 17, 2007 Does this apply to new loans as well and when have you heard it is starting. My guy told me today it was suppose to start today but I can't get confirmation or find any articles about it. do you know of where I can go online to read about it? Link to comment Share on other sites More sharing options...
firstsource Posted May 17, 2007 Report Share Posted May 17, 2007 It is for new purchase loans also. Supposed to be effective the 19th according to my friend at PMI (the first company to offer Mortgage Insurance)I have asked her for the link. She suggested to me that loans that "work" now I should lock the rate on, as they may not get approved after Friday. I will find the info and post it here. Charles Link to comment Share on other sites More sharing options...
Swolf Posted May 17, 2007 Author Report Share Posted May 17, 2007 Thanks, they ended up countering my offer over 400 dollors and they want a financial approval with in 5 days of acceptance , hell it takes 3-5 to get the apprasal to get out there. Link to comment Share on other sites More sharing options...
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