Minimum Credit Score to Increase for FHA Loans

By
Mortgage and Lending with iBERIABANK Mortgage

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. 

 

Posted by

iBERIABANK Mortgage

Conrad C. Eberhard
Mortgage Loan Officer

(479) 695-3709 Office
(479) 387-4647 Cell
(479) 444-9959 Fax
2566 E. Joyce Boulevard
Suite 1
Fayetteville, AR 72703
 

Follow nwahomeloan on Twitter  View Conrad Eberhard's profile on LinkedIn  

Comments (1)

Anonymous
Jill Wente

Thanks for the information, Conrad. Yesterday, the lender I frequently refer business to said as of Nov. 1st the VA and FHA loans they originate will require a 640 credit score.  This is good news for landlords and bad news for potential home buyers.

Oct 29, 2010 11:11 AM
#1