Just got this from a local broker re: new products she has available:

"i. 97% conventional loans. A great alternative to FHA for buyers with good credit scores. To quote Danielle: ¡¥It¡¦s a sweet little loan!¡¦ ƒº
ii. FHA loans with a minimum credit score of 620 (previously 640)
iii. FHA loans for borrowers with no credit scores using non-traditional credit
iv. Multiple financed properties ¡V I now allow up to 10 (previously a max of 4)"

Here we go again.

Still won't reflate the market. Far too much shadow inventory and lack of qualified buyers, even with lower standards.
Case Shiller composite 20 has dropped for 10 straight months. There was a decent bounce May 09-Jun 10, but the composite 20 is now as low as it was in June 2003.

Just can kicking past 2012 is probably the goal. And with the help of the MSM you can bet we'll be hearing about recovery autumn, recovery winter, recovery spring, recovery summer, recovery... Obama re-elected...booooooom - market crashes blames you and me, freedom's restricted further and Obama makes himself Czar of the US.

Yep I have seen the conventional 5% down loans. The rates are higher, but still far cheaper than an FHA. I say good, let the private market take over. Although I do not know if these loans are being pawned off on the GSE's, they probably are.

Can someone tell me what this means?

". FHA loans for borrowers with no credit scores using non-traditional credit."

That translates into English as "no lube 4 u LOLZ"

Non-traditional credit =Gas and electric cable or cell phone bill dentist repayment plan

Eagle - I've seen estimates as high as 98% of all mortgages get sold to gse's! We do have socialized housing...

Godot,
Please accept the apology of my fellow posters for not answering your question (they may not know the answer anyways). Non-traditional credit is for somebody who has not yet established credit by traditional means sufficient to generate a credit score through the credit agencies like Equifax, e.g. recent college graduates. So, they accept history of timely and regular payment for rent, utility bills, or any other types of installment or regular payments made as a substitute credit history source.

to BigBluffer's response.

Bringiton, it's somewhere around 90% of all mortgages are owned by GSEs/the Fed. I'd have to dig up the numbers to be sure; that number's old so don't put much weight on it.

Bigbluffer, thank you.