some subprime lenders raising the bar to 540 FICO

[promortplanner]

People's choice a subprime lender just recently raised the qualifying ficos to 540 dropping everything below the 540 fico mark. Anyone else out there experiencing their subprime lenders raising the bar to 540.

[punani]

bb, I

[Roger_Silvester]

Your credit scores have never been more important than now. Recent turmoil in the mortgage industry has caused lenders to raise the bar on credit score requirements for different loans. The cause of this is the significant tightening up in the mortgage insurance industry. Mortgage insurance varies from state to state, but is required if you don’t put down a considerable amount of money on a loan. During the mortgage meltdown that has taken place over the last couple of years, mortgage insurance companies starting seeing enormous amounts of claims on certain loan types. These particular loans have had their bar raised on credit scores in order to even get financed since the banks cannot get certain types of borrowers and loans insured now.

[Nick Brian]

Hi everyone I have only a little knowledge on mortgage. But I heard about the recent government intervention in bank issues, mortgage. I think in the long it will be helpful. Especially to SEC people or ordinary people.