620 will be the required FICO on FHA/VA going forward.

[valley_man0505]

I am currently going for my final approval after having an offer accepted this weekend.  The LO at the brokerage told me they just increased their minimum to 620 as well and I squeeked in at 623.  He did say yesterday when I filled out my final app that there is one lender that they use that has a 580 minimum, but I am sure that will change soon.

[DallasLoanGuy]

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@Anonymous wrote:
If you lock your rate before the company increases the qualifying score, are you safe?

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typically, yes.

 

[DallasLoanGuy]

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@nicemann wrote:
Wow that's going to make it hard for some people to get their new home.  It is what it is.

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620 isn't hard to obtain and maintain. so it will take a couple of more months..... those willing to do the extra work will be rewarded

i am sure it has to do with default rates on lower scores.

 

[DallasLoanGuy]

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@Anonymous wrote:
It's a flat minimum score for FHA, i think. Which would be 620 now. Basically, you don't get better rates for a higher score with this loan.

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there are a couple of lenders still doing below 620. wont last long.

 

 

[DallasLoanGuy]

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@john398 wrote:
I heard a local radio mortgage guy mention this, this morning, so what I the score required for the best mortgage rate now for FHA?

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620 gets same rate as 850