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Posted by Dawnyell on October 02, 1998 at 09:22:17:

My husband and I are currently in the process of buying a home. At first we were using a 1st time home buyer program through Freddie Mac( financing @97%, with 3% down). Until the loan officer informed us that my credit score was too low to qualify and Freddie Mac's underwriters would not approve the loan because I had two "slow payments" in 1997 and a collection. So the credit union has offered us a Conventional Loan (95% financing and 5% down) basically we have to come up with more money. Its really frustrating, it almost like being punished for being human. Oh did i mention that my collection was my local phone bill. Anyway the loan officer stated that I couldn't explain any of those slow payments to them because it wouldn't make a difference to Freddie Mac, because they were sporadic slow payments. She says that this homebuyers program is for people with "perfect credit" and I just didn't have that. Well I want to know who the hell does???

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See The Credit Scoring Site, a USA TODAY Hot Site Greg Fisher, creditscoring.com 19:25:07 10/09/98 (0)

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: My husband and I are currently in the process of buying a home. At first we were using a 1st time home buyer program through Freddie Mac( financing @97%, with 3% down). Until the loan officer informed us that my credit score was too low to qualify and Freddie Mac's underwriters would not approve the loan because I had two "slow payments" in 1997 and a collection. So the credit union has offered us a Conventional Loan (95% financing and 5% down) basically we have to come up with more money. Its really frustrating, it almost like being punished for being human. Oh did i mention that my collection was my local phone bill.  Anyway the loan officer stated that I couldn't explain any of those slow payments to them because it wouldn't make a difference to Freddie Mac, because they were sporadic slow payments. She says that this homebuyers program is for people with "perfect credit" and I just didn't have that. Well I want to know who the hell does???


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