Profile picture for Motherof7

What is the new credit score limit under the new stimulus bill now?

My son is in the process of closing on a house by the end of March; however, he was just informed he must close by March 6th due to his FICO score will be too low to close after that date?  Is this true now.
  • February 16 2009 - Saginaw
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Answers (5)

Profile picture for Mister Info
The stimulus bill has no bearing on FICO scores. However the best way to ensure that you are able to qualify for mortgages and other loans is simply repairing your credit.

More than 70% of credit reports have mistakes, wrongly reported debt etc.. Therefore attack that first and save yourself some money in interest by raising your score. You can do it yourself if you have the time, patience and are willing to sacrifice many hours researching the topic. Or simply hire a reputable credit repair professional.

My sister hired a company at the beginning of this year who was able to take her score from the 500's to almost 700 in less than 5 months. You can check them out here www.thecreditbar.com
  • June 25 2009
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I don't know specifically about the bill but our in-house lender said that FHA went from a 580 to a 620 min. 
  • March 09 2009
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Profile picture for Chrismatt
600 credit score
  • February 19 2009
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Profile picture for David Elwood
he new plan in regard to mortgages becomes effective on March 6th.  It has no credit score criteria written in it specifically.

You can obtain information about the plans at the following links.

http://www.treas.gov/initiatives/eesa/
http://www.financialstability.gov/

  • February 19 2009
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The new stimulus plan has nothing to do with credit scores.

Is there something going on with his credit that they anticipate his score to go down?
Is he having recent late payments or other negative activity that will be going on his credit report and his current credit score that they qualified him on is barely high enough for the mortgage program their doing?
  • February 18 2009
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