FHA raises minimum credit scores for loans
Friday, October 08, 2010
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Please keep in mind that this announcement does NOT affect Canadian buyers!
Credit Score requirements for FHAPosted by Brian on 10:20 PM • (1) Comments • (0) Trackbacks • Permalink • Email This Post
Many lenders increased their minimum credit score requirement for FHA loans from 620 to 640 this week. Bank of America was the first to announce the change and then a great number of lenders followed over the next few days. This knee jerk reaction is very common in the lending industry since BofA is the largest buyer of loans on the secondary market. It is important know that FHA did not raise their minimum credit score requirement and many lenders including Smart Financial are still able to close FHA loans with a 620 credit score.
