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FHA Wants Really Clean Low Score Loans

September 10, 2014 FHA/HUD, FHFA, Subprime 6 Comments
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Well there’s a new push for sub prime loans again.  It’s actually coming from all different directions including the FHA.

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two-loversNow on to the bid-ness at hand.  A couple things in today’s show, but they kind of tie together.  First you’ve got the FHFA taking away one fee yet adding another which the MBA and a couple of other groups aren’t happy about.  You as a loan originator or real estate professional should feel the same way, by doing this you’ll see rates go up in an already struggling market.  Then we’ve got the NY Times coming out and quoting if underwriting standards were closer to 2001 levels that there would have been over a million more deals done in 2012.  With this they make an argument for a newer type of sub prime loan.  The truth is, real sub prime is already out there and it’s fine.  Low scores with big down payments and higher rates work as loan as the person actually qualifies for the loan. Now FHA is on record looking for lower score deals, as long as you do them “perfectly”.  You’ll have to tune in to see what we mean.

With that you all have a wonderful day and we’ll see you tomorrow.

Frank and Brian

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