640 FICO is the New Number for FHA Loans *
*On FHA Case numbers on or after Oct 4th
My company notified us that 2 of the big five servicing lenders are going to a minimum of 640 FICO for FHA.
A third has indicated they will follow suit. The remaining two won't be far behind.
Does this mean that you will not find 620 scores accepted at a few places? No.... There will be some smaller holdouts that offer the 620 for a while. Just expect to jump thru some hoops for it though. They will likely be very selective.
20 points will be a deal killer for some..... But others will be able to tweak their credit a little and get over 640 over time. It
It might be a good time to use my Free Do-It-Yourself Credit Repair Website.
Don't get left out... If you are looking for a home and are on the bubble..... You have until Friday to present your lender a fully executed contract.
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
Your Texas FHA Expert and Dallas Mortgage Expert.