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Any update on Feds?


divadend
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Still think it's up for discussion... are you looking to refinance or purchase? If you are looking to purchase, you should definitely aim higher than sub-prime, I flat out refuse to give people sub-prime loans to purchase homes with unless it's a very unique situation.

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Great advice. If someone that has credit issues can not get approved for an FHA loan, then they should work towards getting "FHA APPROVABLE".

Better of course to get a conventional/conforming loan and not have to pay the upfront fees, but terrible to have to pay 10%+ interest in these times.

Charles

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Re: sticky note on Fed recommendations on Fico scores for subprime

That sticky was posted in May. Does anyone have an update on what the Feds landed on?

I haven't had time to get back to that thread, but I can say that the Fed Funds rate will be cut again at the next meeting and the dollar will react overseas. Then when the dollar does not act favorable for international investors, they wil stop buying our debt instruments.

But not to worry much, the hedge funds are looking to amend their losses from mortgages and will start buying treasuries in hopes of higher returns on bonds from falling interest rates.

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