Comment Detail
Date: 05/17/23 First Name: Noah Last Name: Kemler Email: noah.kemler@ccm.com Organization Type: N/A Organization: CrossCountry Mortgage Comment
I understand the idea and policy objectives for wanting make it easier for lower credit borrowers to qualify for conventional financing. However, in practice the LLPA adjustments have only made it cost more for well qualified borrowers. Typically any credit score below a 680 won't get approved conventional anyways. That is why FHA financing is available. When the mortgage insurance was lowered on FHA financing that helped many borrowers and alleviated the overall impact inflation has had on lower credit home buyers. Long story short, the intended policy objective is not realized by the implementation of these changes. Things like making FHA financing more affordable will have a far greater impact on lower income home buyers.
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