FHA Re-Fi Broker

[Logan]

Wait Chase and Citi are incompetent? Who knew. This is two people out of millions. Not to mention we have just a few of the details of her loan package. If anything this article should depress everyone because your Hooters card and your car loan aren't going to get you a 800 FICO and apprarently that's not good enough anymore either according to this whiner of an article.

Who needs an 800 FICO...Mine is 700+ and I get all the credit I need....

[LSUTiger32]

Who needs an 800 FICO...Mine is 700+ and I get all the credit I need....

Apparently everyone does, if you want a mortgage and you read the article you posted.

[bulletproof77]

Mine is 630 and that's good enough for me. Happy to rent and not worry about that "American Nightmare-Let's all keep up with the Jones crap"...

[backtoschool]

Nobody who has filed bk and still has it showing on their reports can get an 800 fico anyway.

[LSUTiger32]

Nobody who has filed bk and still has it showing on their reports can get an 800 fico anyway.

Exactly. I am not saying you need one, unless you read crap articles like this one or watch the over dramatic news networks. Like I mentioned, I smell another crisis but it's fear driven. The economy is no longer recessing, we just have to pull ourselves up as a country and get over the fear. Buy what you can afford and save money.

[Logan]

Exactly. I am not saying you need one, unless you read crap articles like this one or watch the over dramatic news networks. Like I mentioned, I smell another crisis but it's fear driven. The economy is no longer recessing, we just have to pull ourselves up as a country and get over the fear. Buy what you can afford and save money.

LSU,

I have to disagree. I was in the mortgage business and it takes 10 times the work it used to to close a loan. Often borrowers won't even know how tough it is because a good LO won't be telling his/her customer some of the hurdles that have arisen during the loan process.

Keep in mind, when I was in the business if anyone asked how I was doing or how business was the answer was always GREAT!!! My pipeline could be dry, I could have just lost a loan or whatever. The answer was always GREAT!!! Would you want to do business with the friend who says everything is great or the friend who says business is horrible?

There will always be someone who is doing well and if you have income and credit you will get a loan but the underwriters today want every detail they can get their hands on which is time consuming and in many cases can kill the deal.

Logan

[LSUTiger32]

LSU,

I have to disagree. I was in the mortgage business and it takes 10 times the work it used to to close a loan. Often borrowers won't even know how tough it is because a good LO won't be telling his/her customer some of the hurdles that have arisen during the loan process.

Keep in mind, when I was in the business if anyone asked how I was doing or how business was the answer was always GREAT!!! My pipeline could be dry, I could have just lost a loan or whatever. The answer was always GREAT!!! Would you want to do business with the friend who says everything is great or the friend who says business is horrible?

There will always be someone who is doing well and if you have income and credit you will get a loan but the underwriters today want every detail they can get their hands on which is time consuming and in many cases can kill the deal.

Logan

Well, that's a good thing. Like I said, if you have a good package you will get a loan. If they find a detail that in the past they would have let slide, great! Maybe they won't inflate another housing bubble if they only give loans to people who deserve them.

Funny how if no one can get a loan how Quicken Loans closed more loans in September than at any time in their 25 year history.

http://www.earthtimes.org/articles/press/34-billion-september-2010,1502759.html

[Logan]

Not true at all, if you have a good file it is not hard at all to get it done. Yes, those of us with "issues" are much harder and gone are the days of people making $30,000 a year and getting a $400,000 home. Still, if you have a good file (steady payments, good income, good ratios and 2 years plus at your job) it's not hard at all.

Can anyone with a good file still get a mortgage?