Tuesday, November 16, 2010

FHA tightens credit score minimums

By and large, FHA borrowers must now have a minimum FICO credit score of 640.  There are exceptions, especially for borrowers already in escrow with an executed contract and a scheduled closing date…

But the credit tightening that’s hampered the rest of the mortgage industry has now hit the FHA loan program too.

source: Andrew Schmidt and Stephen Rust, The Lending Company, 602-999-1912