Another week, another change in underwriting guidelines - but this time it just got easier to get a mortgage if your credit score is 630. Effective immediately, the minimum credit score for an FHA purchase mortgage is now 620. A few conditions that must be present for these loans include: Maximum PITIA may not exceed 33% of total qualifying income Maximum total monthly obligations … [Read more...]
Does FHA Have Minimum FICO Score Requirements?
I hung up the phone with someone yesterday who asked me a few questions about FHA credit score requirements. The answers I gave to the questions she asked were just strange enough that I thought it might be helpful to share with others – because they may have these same questions. Question: Does FHA require that people have minimum credit score requirements? Answer: No, but investors do. And … [Read more...]