Wow! If you've even been thinking about getting into a house with little to no down payment, or taking advantage of one of those fabulous grant programs that "wraps everything in" to your loan, here's a tip: PAY YOUR BILLS. It would appear that folks with a credit score lower than 580, also known as F credit, will NO LONGER be eligible for FHA/VA loans pretty soon. Earlier this week, the magic number was 560, but now it's 20 points higher. When word got out that the new restriction was on it's way, it looks like tons of folks started flocking to getting their mortgage loans "locked" since that's the only sure-fire way to ensure that you're "grandfathered in", if you will. This is the craziest thing though: THE FHA HAS RECEIVED OVER $280,000,000 IN LOCKS IN THE LAST TWO DAYS AND ARE VERY CONCERNED ABOUT THIS HIGH NUMBER OF QUESTIONABLE LOANS, according to WR Starkey Mortgage... Well, I'd say so!
All this to say, whether you're in college, a newlywed or a well seasoned professional, unless you have a bundle of cash, a rich grandfather or creative financing of some kind, it's officially time to PAY ATTENTION to your credit rating and be a GOOD STEWART of your finances.
"On the first day of every week, each one of you should set aside a sum of money in keeping with his income, saving it up..." I Corinthians 16:2
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