Posted on: 07th May, 2009 11:38 pm
I obtained a construction loan to build my home. I was approved for an FHA conventional loan at the time but my score was only 600. Since the change in FHA to a score of 620 the permanent lender has backed out of my contract. My home is finished and the construction lender will not release the remaining funds to pay off the contractors as my permanent lender backed out because of my score. What can I do?
Hi Guest,
It is true that considering the current market situation, the credit requirements to qualify for a loan has become stringent. The FHA has raised the required credit score to 620. If you have a credit score less than that, the lenders would not want to approve your loan. Thus, I think you should immediately start working on improving your credit. Try and remove the negative items on your credit and dispute them, if required. Until the score improves, the situation is not expected to change much.
It is true that considering the current market situation, the credit requirements to qualify for a loan has become stringent. The FHA has raised the required credit score to 620. If you have a credit score less than that, the lenders would not want to approve your loan. Thus, I think you should immediately start working on improving your credit. Try and remove the negative items on your credit and dispute them, if required. Until the score improves, the situation is not expected to change much.
guest, you need to do some serious shopping around for an alternative to that lender. from what i understand, there are still lenders who will deal favorably with a 600 score. shop around quickly, as that may not last.
Also looks at option for improving your score by another 20 points while you shope for a new loan.
Pay off any debts as soon as you can. Do not allow every oen to run your credit report,unless you are 200% sure you want to do business with them.
Speak to yoru contracts and see if they can finance it for you.
Pay off any debts as soon as you can. Do not allow every oen to run your credit report,unless you are 200% sure you want to do business with them.
Speak to yoru contracts and see if they can finance it for you.
i don't know about anyone being 200% sure about anything. how can you exceed the maximum of 100%?
George it the way of saying check it twice before you allow them to run a report.
I am sorry, you do nto get it!!
I am sorry, you do nto get it!!
and i wasn't even a math major...
I di nto know that.
somehow i am not surprised to read that.
One day, I am going to copy these responses and will publish them in the Sunday comics.
and i am at least 201% sure that would be the next "family circus" or some such.
...and I am (10%to the second power) sure that you are right.
What can we say when we have Match Genius answerign all the posts.
Every one stop posting. All we need is response from Mr.G for every post.
Every one stop posting. All we need is response from Mr.G for every post.
you win this round, geni. i am only trying to suggest that everyone who posts have some semblance of common sense about their posts.
i have to say that in my learning years, when i was first exposed to mathematics, they told me that you cannot exceed 100%, as that is complete. and, of course, that's why i questioned the 200% assessment. i suppose with advancements in technology, etc. the old math formulae and being "old-school" is now passe.
i have to say that in my learning years, when i was first exposed to mathematics, they told me that you cannot exceed 100%, as that is complete. and, of course, that's why i questioned the 200% assessment. i suppose with advancements in technology, etc. the old math formulae and being "old-school" is now passe.
George,
No one is here to win or lose. Every is here to either contribute or learn.
If others can see your post and observe its always take first step to crticize others answers first then answer the real question.
I guess that who you are. You love pickig on others.
I would rather ignore your commnets goign forward then respond.
Good luck with your criticism.
No one is here to win or lose. Every is here to either contribute or learn.
If others can see your post and observe its always take first step to crticize others answers first then answer the real question.
I guess that who you are. You love pickig on others.
I would rather ignore your commnets goign forward then respond.
Good luck with your criticism.
adios