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GSEs, lenders nearing deal that could reduce penalties

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Mortgage Professional America | 20 Oct 2014, 08:47 AM Agree 0
Could this be the answer to the housing recovery? The FHA is close to reaching an agreement that would expand credit and possibly give lenders more protection.
  • Gordon Schlicke. | | 20 Oct 2014, 12:05 PM Agree 0
    It may be. But unless the borrower is required to have accumulated the entire downpayment and closing costs you'll see FHFA walk this one back.
  • Nancy V | | 20 Oct 2014, 02:13 PM Agree 0
    I don't see anything wrong with 97% or 96.5% (like FHA) on a community home buyer deal. To at least have 620 score, at least all of the down payment, and first time home buyer only. Having closing costs, does not concern me. I'd rather see that they have reserves. In my market almost every sale has seller paid closing.
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