By Chris B Johnson, Realtor.If you are a first time buyer, you may have the time and patience needed for a probate or short sale in Moorpark, Simi Valley or Thousand Oaks.
What if your FICO score is not "Perfect"? Well, go back to the top and realize there is still hope. One Third of consumers have a FICO score below 650, according to Carrington Mortgage.
The lender is refocusing its business on targeting the underserved segment and eliminating conventional and jumbo loans. It is limiting its acceptance of wholesale submissions with FICO scores above 680 starting April 1, except for VA loans, HousingWire reports. Carrington Mortgage Services is the latest company to announce that it has lowered its minimum FICO score to 550.
It also has expanded guidelines on several FHA, VA, and USDA loan programs to aid those with FICO scores below 640. Wells Fargo, the nation’s largest mortgage lender, said in February that it was lowering its minimum FICO score requirements on FHA-backed mortgages from 640 to 600.
The move, bank officials said, was aimed at “opening up our credit box more.”
Still have questions?
Please call me at 805.208.0823.
Thank You!
Chris B Johnson
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