Score high and you fail? The lowest score wins.
February 12th, 2008 categories: San Diego Real Estate, San Diego Real Estate News
Here we are in the 21st century of America and now we learn that there is a greater reward if you fail the test than if you scored high. I am referring to the FICO score test for the voluntary non-government sponsored Fast Track interest rate freeze.
Let me get this straight, if a person has credit problems from not paying on time, they are rewarded with a rate freeze of extra low rates that the most credit worthy among us cant qualify for.
Some potential conditions that would not allow you to qualify for the government rate freeze program are:
- Your adjustable rate has already reset
- You have a credit score above 660
- You are behind in payments
- You have at least 3% equity in your home
Dont get me wrong, I am for anything that can get this sub prime mess fixed. But needing a less than good credit report is a key qualifying element of the sometimes-arcane guidelines governing which homeowners qualify for “fast-track” interest rate freezes on their subprime mortgages .
But hey, if you qualify, go for it!
