80/20’s are basically GONE, especially for scores this low. And the rates you would pay would be very high even if you found one who would do it. FHA would get you a LOW fixed rate with PMI that is inexpensive compared to conventional.

Right now if one does not have 15% plus down and 700+ scores, FHA beats conventional.

I do recommend you have at least 2 or 3 payments in “reserve”, this way if you have a blip at work, you don’t fall behind.

Subprime lenders graded on the middle score of the primary wage earner, and there are very few of those left.

Fannie Mae (DU)and Freddie Mac’s (LP) system take into account all the scores and do not weight them. Then you have the FHA scorecard, this is HUD’s add on to DU and LP to help approve FHA loans, they don’t take the middle score either, it is an aggregate of all factors weather one gets approved.

These people would probably benefit from doing an FHA loan. Put all of them on the loan. Anything over a 620 with all the lenders is the same rate, so that won’t be an issue. There is still one lender out there that has no “hits” to the rate if the borrower is over a 580. Yes, same rate for 581 as for 750 as long as the 581 is approved.

They are comparing A paper verses Subprime (which I really didn’t do much of and they don’t exist anymore so it really doesn’t matter)….Subprime loans were WAY WAY more work, would you not expect to charge more if more of your time was taken up?

This has nothing to do with race at all. It does have something to do with education. Educated people make more money, have better credit AND yes they also shop more.

I don’t do subprime loans, I do almost all FHA, government insured loans. And the people that have really bad credit, I will work very hard to help them, but they do pay more for their loan to me because they take up a LOT more of my time and my office’s resources. This has to make sense, right?

Or do people really think loan officers should work for free (I mean you have somewhere on this site that my fees are “junk” fees, I assume when you charge for your services you don’t say “here is my junk fee”, do you)?

I am posting a separate blog entry with the answer to your question.

Tim Ramsey

If you want to be added to the title of your home so that the ownership is in both names, you can simply call a title company in your area (look in the phone book) and they will tell you want you need to do.

If you want to be added to the mortgage loan so you have that credit reference on your credit file, you will need to talk with the lender to find out what needs to be done. But you typically do not have to be added to the mortgage loan in order to hold title jointly with your spouse.

Gerri

Aaron Wakling