OfflineIn a previous post, I had reported about the new FHA program that was developed for people that had lower FICO scores than the 640 needed under traditional FHA programs. Well, the early results are in and you are not going to believe this. Out of 10,000 loan apps (this is the good part) that this program generated to Wells Fargo; 5,000 apps have been rejected (this is the bad part), 4,982 apps have not been decided yet and only 18 (this is the ugly part) got approval.
So, if you apply and get rejected, you'll know you're with the majority of other people. FYI.
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for the 18 approvals.
Ugly is the 50% rejected
The 4982 apps have less than 40% chance
for the 18 approved -Ugly is good
Good as always Bill
Mike
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Just can't stop laughing. Again, the banks and all their wisdom. Ok what smoke screen will come up next?...Jan
Greetings,
Well, I agree with Jan and have to say here we go again the banks and their infinite wisdom. Yes, what is next?
Peace and Blessings,
Sheila
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela
Thanks for the heads up Bill!
Now i'll understand what's going on when some homeowners are telling their story on their loan processes.
What the F stands for is the root of the problem! The banks are only going by the rules. They are a business. Also, they just got a bunch of free money from our fine government. Why would they loan money at a risk, when they can invest that free money at no risk?
The banks were burned big time when forced to loan to unqualified people. You will loan to people than can not qualify or fannie mae of freddie won't insure your mortgage sayith Barnie Frank and Chris Dodd.ETC ETC.
This is just another example of a government program that does no one any good, well maybe 18 out of 10,000!
Michael Mangham
MD Home Acquisitions LLC
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Well Said....Jan
This is ridiculous!!!
Which again, just shows how some creative methods are needed here.
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