Rich Hebert Vice President Lending Edge Mortgage Phone: 817-485-4155 Fax: 817-849-8849 rich@richhebert.com www.richhebert.com
FHA 620 Minimum Credit Score Required, 580 is Gone!
Here is a copy of a memo that we just received: Everyone is going to these new requirements!
New FHA and VA Credit Requirements
Effective March 6, 2009, the following government program guidelines apply:
FHA and VA loans (excluding FHA streamlined refinances):
Require a minimum credit score of 620, regardless of automated underwriting system (AUS)
What does this mean?
580 is gone for FHA’s / VA’s minimum credit score. We need to pre-qualify your borrowers as soon as possible! We can sometimes help raise their scores, so you can sell more houses. This can take 30-60 days so let’s get started today and not have any surprises!
Conventional Loans – best rates apply to credit scores at 720 or above. 95% Loans can go with a 680 but the interest rates are affected if below 720. We can help on these also!
500 Grapevine Hwy. Suite 402 Hurst, TX 76054
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