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FHA increasing FICO levels to 620?

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Anonymous
Not applicable

FHA increasing FICO levels to 620?

My mortgage person I've been talking to told me that FHA recently raised the minimum FICO score from 580 to 620? I hadn't seen that mentioned on here, and I thought I'd see if anybody had heard similar things.
Message 1 of 7
6 REPLIES 6
TraumaDrea
Valued Member

Re: FHA increasing FICO levels to 620?

I just spoke with my broker he has not heard that.
Traumajunkie "I am not saying I want you to get hurt, I just want to be there when you do! "
Message 2 of 7
DallasLoanGuy
Super Contributor

Re: FHA increasing FICO levels to 620?

FHA never set a minimum score. So 580 isn't it.
500 seems to be the cutoff. But most will be at 530+
 
Sounds like this loan officer is just selling what he has access to. And his lender raised their minimum score?!?!?
 
 
Retired Lender
Message 3 of 7
Anonymous
Not applicable

Re: FHA increasing FICO levels to 620?

Ah, I understand. Thank you for the help! This forum is incredibly informative and helpful.
Message 4 of 7
BP2003
Regular Contributor

Re: FHA increasing FICO levels to 620?

I spoke to a loan officer from Countrywide (I already had my 3 scores in hand 511 EQ, 547 TR & 606 EX).  He told me that he couldn't even consider a FHA loan until I had a 620 median score.  Smiley Sad  None the less, I took that punch to the gut and got back to working to clean up my credit.
***From ashy to classy***
Message 5 of 7
DallasLoanGuy
Super Contributor

Re: FHA increasing FICO levels to 620?



BP2003 wrote:
I spoke to a loan officer from Countrywide (I already had my 3 scores in hand 511 EQ, 547 TR & 606 EX).  He told me that he couldn't even consider a FHA loan until I had a 620 median score.  Smiley Sad  None the less, I took that punch to the gut and got back to working to clean up my credit.


Strangely, I can sell them a 575 FICO deal today.
 
Noone Can Screw Up Like Countrywide Can.

 
Retired Lender
Message 6 of 7
Anonymous
Not applicable

Re: FHA increasing FICO levels to 620?

Depends on the lender.  My lender bumped my interest rate up a little for having a score less than 600 (it was according to their guidelines).  I still paid a point and it helped. 
Message 7 of 7
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