FHA Loan Requirements for 2023 - 2006 all over again

[RaiderHaters Revenge 4,581]

6 minutes ago, dogcows said:

You just don’t seem to understand what really happened in 2008.

Subprime lending, which was intentionally ignoring negative information about borrowers, then bundling those bad loans together and selling shares of them to unwitting investors is what caused the problem. When a few people defaulted, the banks didn’t care because they got the house and could re-sell it. But when a lot of people defaulted, the banks now had houses that were worth far less than what they loaned the person, so now the bank is underwater on thousands of mortgages. Then that crash affected people who COULD afford their home, because now they owed way more on the house than it was worth. So they had to take a serious look at whether they should just default and let the bank have the house back... and many decided to just let the homes go.

If you blame the FHA for this, you just don’t get it. It was the greed of Wall St. wanting to keep growing in this market, and ignoring the fact that it was saturated... then loaning to people who definitely couldn’t afford the loans they were being given. Selling mortgage-backed securities to unwitting investors was just the cherry on top of this shite Sunday.

Not everything is the government’s fault. The ’08 crisis was definitely the fault of greedy banks more than any other factor.

for focks SAKE

I am not blaming FHA jeezus crist dude get a clue

its funny you think banking and govt are independent yet will biatch about the NRA supporting someone like Rubio.

 

[RaiderHaters Revenge 4,581]

13 minutes ago, TimHauck said:

Easier than what?  What new policy?  The “set of rules” hasn’t changed, that’s been my point all along, seems you and Ed are the dense ones. 

Do you have a link for FHA loans “setting up” ARM’s?  

yes lowering the credit requirement to 500

do I need a link or how about I lived it?  Does that work?

my loan in 2005 was an FHA loan guaranteed on my 80%, I was able to put 3% down on my loan

I had a second ARM which was 20%

it was a way they could get people approved on houses they weren't qualified to actually purchase

all banking and housing works together

they approve people who couldn't afford something, knowing in the long run they will get free money and people will eventually default turning the house back over to the bank

it all worked together

 

[TimHauck 3,408]

1 minute ago, RaiderHaters Revenge said:

yes lowering the credit requirement to 500

 

Nope.  Fake news

[RaiderHaters Revenge 4,581]

2 minutes ago, TimHauck said:

Nope.  Fake news

why is it when I refi'd during covid they told me I could do an FHA loan as long as I had a 660?

[TimHauck 3,408]

Just now, RaiderHaters Revenge said:

why is it when I refi'd during covid they told me I could do an FHA loan as long as I had a 660?

Article from 2016 - http://www.homebuyinginstitute.com/news/fha-credit-score-too-low-696/#:~:text=Minimum Credit Scores for 2016 1 The absolute,“eligible for maximum financing%2C” according to HUD.

[RaiderHaters Revenge 4,581]

1 minute ago, TimHauck said:

Article from 2016 - http://www.homebuyinginstitute.com/news/fha-credit-score-too-low-696/#:~:text=Minimum Credit Scores for 2016 1 The absolute,“eligible for maximum financing%2C” according to HUD.

fair then, individual banks could set their own requirements

wonder why they would do that

[Hardcore troubadour 16,037]

The Warning - Frontline.  Watch it and learn.  Or look up Brooksley Born. 

[TimHauck 3,408]

18 minutes ago, RaiderHaters Revenge said:

fair then, individual banks could set their own requirements

wonder why they would do that

Yes like I said, you are welcome to think that FHA loan requirements should be more strict (or that FHA loans shouldn’t exist at all).  My point is just that the requirements haven’t changed, so to say things like “2006 all over again!” in relation to FHA loans is just fear-mongering.

[TBayXXXVII 2,679]

LOL, how long before this policy becomes racist?  You need a valid ID AND a social security number.  Remember when Democrats said valid ID's are racist when talking about voting?

I wonder how many illegal/undocumented immigrants who don't have social security numbers will be affected by this?  Guessing all of them.

 

RACISTS!!!!

[edjr 7,034]

3 hours ago, dogcows said:

 

Not everything is the government’s fault. The ’08 crisis was definitely the fault of greedy banks more than any other factor.

Who bailed out the banks?

[edjr 7,034]

3 hours ago, RaiderHaters Revenge said:

yes lowering the credit requirement to 500

do I need a link or how about I lived it?  Does that work?

my loan in 2005 was an FHA loan guaranteed on my 80%, I was able to put 3% down on my loan

I had a second ARM which was 20%

it was a way they could get people approved on houses they weren't qualified to actually purchase

all banking and housing works together

they approve people who couldn't afford something, knowing in the long run they will get free money and people will eventually default turning the house back over to the bank

it all worked together

 

my score was 540 in 2005 and I qualified for an FHA loan   (I never bought though, didn't have the 3.5% DP)

[TimHauck 3,408]

9 minutes ago, edjr said:

my score was 540 in 2005 and I qualified for an FHA loan   (I never bought though, didn't have the 3.5% DP)

Did you ever get an FHA loan?

[easilyscan 1,065]

3 hours ago, dogcows said:

The ’08 crisis was definitely the fault of greedy banks more than any other factor.

Did you read the entire article I included ?  https://www.backwoodshome.com/the-meltdown-and-the-bailout-why-how-and-what-they-mean/

Did the Banks play a part in the 08 crisis ? of course, but only a small part. The bottom line is that all those subprime mortgages would never have existed without government & housing advocacy groups involvement. You won't like this, but W had his people testifying before Congress as early as 2001. Something was wrong & it needed to be addressed. Guys like Barney Frank denied it. This isn't a democrat versus republican thing. Neither side has completely clean hands, but at least the Bush administration recognized the problem & made an attempt to address it 'before' it blew up. 

 

[Hardcore troubadour 16,037]

29 minutes ago, easilyscan said:

Did you read the entire article I included ?  https://www.backwoodshome.com/the-meltdown-and-the-bailout-why-how-and-what-they-mean/

Did the Banks play a part in the 08 crisis ? of course, but only a small part. The bottom line is that all those subprime mortgages would never have existed without government & housing advocacy groups involvement. You won't like this, but W had his people testifying before Congress as early as 2001. Something was wrong & it needed to be addressed. Guys like Barney Frank denied it. This isn't a democrat versus republican thing. Neither side has completely clean hands, but at least the Bush administration recognized the problem & made an attempt to address it 'before' it blew up. 

 

The Warning. Frontline. Seriously, watch it. It was deregulation that caused it, and both sides were in on it. As Jimmy Dore has said, Reagan scared the shite out of democrats so bad they did things Reagan would never even try.  With their partners the republicans.  Between 1968 and 1992 the democrats won one presidential election and couldn’t hold it. That’s one of six. They couldn’t beat them, so they joined them. The party of the working man became the party of management.  And it’s been going managements way ever since. They always win. 

[IGotWorms 4,063]

Homeownership is a big part of the American dream.

I guess you conservative retards are against that now?

[edjr 7,034]

1 hour ago, TimHauck said:

Did you ever get an FHA loan?

No. Never.  Wish I had. I was clueless in the 2000s

[TimHauck 3,408]

35 minutes ago, edjr said:

Wish I had. 

But you’re against them now?  Seems a bit hypocritical

[RaiderHaters Revenge 4,581]

51 minutes ago, IGotWorms said:

Homeownership is a big part of the American dream.

I guess you conservative retards are against that now?

nope I am all for everyone owning a home they can afford

 

[edjr 7,034]

1 minute ago, TimHauck said:

But you’re against them now?  Seems a bit hypocritical

I don't know why I am doing this, but here goes.

What is my thread about? NEW FHA guidelines for 2023.

My thread is not about FHA guidelines in 2006.

I compared the new FHA guidelines to the impetus for what helped to cause the crash of 2006 (really 2008)

In no way did I compare FHA from then to now.  I think the new FHA guidelines will push this market over the cliff in the coming years. 

If prices don't come down (a lot), people buying houses with only 3.5% down are committing financial suicide. 

 

[TimHauck 3,408]

2 hours ago, edjr said:

I don't know why I am doing this, but here goes.

What is my thread about? NEW FHA guidelines for 2023.

My thread is not about FHA guidelines in 2006.

I compared the new FHA guidelines to the impetus for what helped to cause the crash of 2006 (really 2008)

In no way did I compare FHA from then to now.  I think the new FHA guidelines will push this market over the cliff in the coming years. 

If prices don't come down (a lot), people buying houses with only 3.5% down are committing financial suicide. 

 

Well I’ve only said this about 5x so far in this thread but what are the new guidelines?  The only thing I see that changed is the loan limit which is required to do so by law.  Pretty sure the rest is the same as it’s been.

[TimHauck 3,408]

11 hours ago, TimHauck said:

Well I’ve only said this about 5x so far in this thread but what are the new guidelines?  The only thing I see that changed is the loan limit which is required to do so by law.  Pretty sure the rest is the same as it’s been.

Bump @edjr?

[edjr 7,034]

https://www.cnbc.com/2022/09/01/bank-of-america-to-help-minorities-buy-first-homes-with-new-mortgages.html

Bank of America launches zero down payment mortgages to help minorities buy their their first homes — here’s who can apply

 

 

Quote

 

To help narrow a homeownership gap among Black and Hispanic-Latino communities, Bank of America is launching new zero down payment, zero closing cost mortgage products to help people in minority communities buy their first homes.

The program — called the Community Affordable Loan Solution — will be available to certain markets including majority Black and/or Hispanic/Latino neighborhoods, in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami.

 

The loans are subject to rigorous underwriting and are based on credit guidelines including on-time bill payments including rent, utilities, phone and auto insurance payments. Eligibility is based on income and home location. No minimum credit score or mortgage insurance is required.

Applicants do not have to be Black or Hispanic/Latino to qualify for the loans.

Before applying, applicants must complete a homebuyer certification course provided by housing counseling partners approved by Bank of America and the Department of Housing and Urban Development.

“Our community affordable loan solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve,” AJ Barkley, head of neighborhood and community lending at Bank of America, said in a statement.

 

 

 

This will also help.  

 

[TimHauck 3,408]

1 hour ago, edjr said:

https://www.cnbc.com/2022/09/01/bank-of-america-to-help-minorities-buy-first-homes-with-new-mortgages.html

Bank of America launches zero down payment mortgages to help minorities buy their their first homes — here’s who can apply

 

 

This will also help.  

 

So you agree FHA guidelines haven’t changed then?

[iam90sbaby 2,727]

1 hour ago, edjr said:

https://www.cnbc.com/2022/09/01/bank-of-america-to-help-minorities-buy-first-homes-with-new-mortgages.html

Bank of America launches zero down payment mortgages to help minorities buy their their first homes — here’s who can apply

 

 

This will also help.  

 

That's bullsh!t.  Sick of the minority simps.

[Hardcore troubadour 16,037]

Talking about the financial collapse and not bringing up Alan Greenspan is like talking about the revolutionary war and not mentioning George Washington. Can’t tell the story without him.  

[edjr 7,034]

 

Quote

 

FHA Loan Requirements 2023

Important FHA Guidelines for Borrowers

The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created.

• FICO® score at least 580 = 3.5% down payment.

FHA Loan Requirements 2022.

Credit score: While the FHA has set the minimum credit score at 500, many FHA-approved lenders require higher minimum FICO scores of at least 620. Down payment: While obtaining an FHA loan requires you to make a down payment, that payment doesn't necessarily have to come from your savings account.Jul 1, 2022

 

FICO changed from a minimum of 580 in 2023 from a minimum of 620 in 2022. 

 

 

 

[TimHauck 3,408]

1 minute ago, edjr said:

 

FICO changed from a minimum of 580 in 2023 from a minimum of 620 in 2022. 

 

 

 

Lol, @edjr can’t read and laughing at people calling me stupid.  The text you quoted proves you wrong. Lololol

[TimHauck 3,408]

On 1/2/2023 at 12:48 PM, TimHauck said:

Article from 2016 - http://www.homebuyinginstitute.com/news/fha-credit-score-too-low-696/#:~:text=Minimum Credit Scores for 2016 1 The absolute,“eligible for maximum financing%2C” according to HUD.