Posted on: 17th Feb, 2011 11:53 am
Are the credit score requirements dictated by the lenders
and not by FHA? On the fha site I see a requirement of 580 but it sounds like 640 (or maybe 620 w/10% down)
is actually what is required in the marketplace?
Am I understanding this correctly? A little confusing for a
lay person. Thanks@
and not by FHA? On the fha site I see a requirement of 580 but it sounds like 640 (or maybe 620 w/10% down)
is actually what is required in the marketplace?
Am I understanding this correctly? A little confusing for a
lay person. Thanks@
FHA will set a specific threshold, yes; but lenders can be more conservative if they wish and raise that to a level they might be more comfortable with. Yes, it is confusing to the average consumer, but some lenders are more conservative than others.
As George has said the banks can and do overlay their own guidelines to what FHA requires
There are a handful of banks that will still do lower score loans but they are hard to find and I do not know of any that are available to the retail consumer directly. They are only available through a broker/banker and may not be in all states. The national banks have all pretty much gone to a 640 score requirement.
B
There are a handful of banks that will still do lower score loans but they are hard to find and I do not know of any that are available to the retail consumer directly. They are only available through a broker/banker and may not be in all states. The national banks have all pretty much gone to a 640 score requirement.
B
