Archive for the ‘Mortgage’ Category
Paying judgments: Lew Sichelman, 2002 and 2010
With the Memorial Day weekend fast approaching, syndicated columnist Lew Sichelman took a shortcut. Lew Sichelman, 2002: Beyond that, though, proceed cautiously. One thing you don’t want to do is pay off any judgments or collections that are at least 24 months old. Not only is this “unlikely to get you where you want to go,” [...]
Legislation uses FICO, not Fake-O, score as benchmark
H. R. 600, the FHA Seller-Financed Downpayment Reform Act of 2009, introduced by “Mr. AL GREEN of Texas (for himself, Ms. WATERS, and Mr. GARY G. MILLER of California)” uses the term “FICO score” 5 times. It is a bill “To revise the requirements for seller-financed downpayments for mortgages for single-family housing insured by the Secretary of [...]
FHA adds 580 FICO credit score to guidelines
A press release (HUD No.10-016) from the U.S. Housing and Urban Development Department (HUD) Federal Housing Administration (FHA) dated January 20, 2010 is titled, “FHA Announces Policy Changes to Address Risk and Strengthen Finances.” The release states: “New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s [...]