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NWR: PSA those of you buying property

For any of you that do not know about my nightmares in the world of short sale real estate - I'm becoming an expert.  FI and I've have been put through the ringer again and again trying to buy a house.  here is the PSA - the minimum allowable credit rating for FHA financing has been increased by 20 points.  In other words - you may think you qualify when you dont.  Formally 620 minimum allowable score.... now 640. 

With all the research I've been doing lately I never came across this gem until now... FYI - so make sure youre checking your scores and staying on top of things.  I had something tiny reported recently that lost me 57 points!!! yes 57 points....
image image imageLilypie Premature Baby tickers

Re: NWR: PSA those of you buying property

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    edited December 2011
    Geez..I also saw that 8 out of 10 people that are trying to get the tax credit are getting audited by the IRS...CRAZY!
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    edited December 2011
    Wow... this is crazy. FI & I are thinking about renting just because we had heard it was hard to get approved, but I didn't think it was this drastic! Thanks for the tips, girls...
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    edited December 2011
    Its getting harder and harder every day - FI and I have been pre-approved for the last 2 years getting re-approved every 6 months.  Now of course I tank one week before closing..... nothing can be done to a credit score in a week..... its just one giant obstacle after the other for us -  I'm not so bad that its a deal breaker (that we know of) but there is now the possibility we lose our financing and the house.... because of me.....
    image image imageLilypie Premature Baby tickers
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    edited December 2011
    What a nightmare!!! FI and I bought our house RIGHT before all this mess, I'm glad we did now! But have HOPE that's all you can do now and I know something will work out for you guys =)
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    edited December 2011
    OMG We're having the hardest time too. Not so much with the credit scores, but mostly because we keep getting beat out by other buyers! We offer listing price, and still get beat. Buyer's market, Shmyer's market! Pssshhh!
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