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nj fha loans: New Jersey FHA Mortgage Rates and NEW Credit Score Requirements - 11/11/09 08:32 PM
Remember the days when someone with a 500 credit score could qualify for a New Jersey FHA mortgage? Well over the past year, FHA credit score requirements have been increasing. Nearly 20% of FHA loans are currently in default causing FHA lenders to be more cautious.
In this current mortgage market, to even be considered for a FHA mortgage, you MUST have a 620 minimum credit score. But we are seeing a trend that many other FHA lenders are now following.
Now, FHA lenders are looking for 640-660 credit scores for FHA financing. While there are still many who still require … (0 comments)

 

John Mattsson First Lenders Mortgage

Middletown, NJ

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