Last year most investors started requiring a minimum credit score of 620 to be eligible for a FHA Mortgage. Some investors such as Bank of America have now increased that minimum credit score requirement to a 640 to be eligible for FHA Financing. Chances are other investors will follow suite as early as November 01, 2010 and increase their minimum credit score requirements to a 640.
If you a have buyer that is on the fence and they have between a 620 - 639 credit score. It is time for them to decide if they want to be a home owner or if they want to work on improving their credit score.
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