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Posted by: tinamariebiggs 1 year, 1 month ago

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tinamariebiggs1 year, 1 month ago

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I am a Loan Officer, and I will tell you...the right hand doesn't know what the left hand is doing! The government has stepped in which is great, but now people that were behind that HAVE JOBS, and aren't in crazy loans, still now can't get refinanced because now they have changed "credit score requirements" so, your behind, now your score has dropped under 580.. and now your really stuck, because lenders decided to "change" their tactics when the government stepped in. We have people now upside down in appraisal value, and can't get refi'd out of an arm, even if they can afford fixed payments,,, JUMBO loan limits need to change more, maybe increase for now the Loan to Value limits to maybe 120% so people can get rate & term refi's? And change the credit score limit back down to 500 so everyone can get help, then the market would turn around, but until someone steps up and regulates the "lenders" change policies, we are going to see more of this.

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  beavith11 year, 1 month ago
  
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  you say:
  
  "...now the Loan to Value limits to maybe 120% so people can get rate & term refi's?"
  
  isn't that one way we got here? paper values in excess of real value?
  
  do you recommend federal scoring standards?
  
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