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Answers (9)
- Chad Melin, "Chad Melin"
- Contributions:113
Most lenders are currently at 620 or above. Some are at 640 and 660 and the trend looks like the minimum score will continue to go up!
If you are in a community property state, credit needs to be pulled for both borrowers to see their debts, but if a spouse is not being qualified for income, their credit scores do not count towards the qualification.
Chad
Zillow@themelinteam.com
If you are in a community property state, credit needs to be pulled for both borrowers to see their debts, but if a spouse is not being qualified for income, their credit scores do not count towards the qualification.
Chad
Zillow@themelinteam.com
- Robert Lowery, "Bob Lowery"
- Contributions:2097
From the guides....
"...the nonpurchasing spouse's credit history is not to be considered a reason for credit denial, ...... a credit report must be obtained for the non-purchasing spouse in order to determine the debt-to-income ratio."
Don't confuse lender guidelines with FHA guidelines.
"...the nonpurchasing spouse's credit history is not to be considered a reason for credit denial, ...... a credit report must be obtained for the non-purchasing spouse in order to determine the debt-to-income ratio."
Don't confuse lender guidelines with FHA guidelines.
- RMC Vanguard
- Contributions:9
and credit for both borrowers will be considerd on fha.. cant ignore one spouses bad credit any more - not your father's mortgage guidelines.. :-)
- Robert Lowery, "Bob Lowery"
- Contributions:2097
Yes, one spouse can be on the loan, but purchase contract and title must match the loan.
- Home Lending Pros.
- Contributions:224
timmie2,
620 to get the best terms.
good luck
620 to get the best terms.
good luck
- TCMW
- Contributions:46
Technically 580. I need a 620.
- RMC Vanguard
- Contributions:9
hello, lots of our investors are requiring min 620 now - and those are getting more difficult to approve - credit is king and HUD doesnt want to get all the old subprime biz..
- Nationwide Lends
- Contributions:21
580 min fico up to 96.5%ltv
what is the minimum credit score for FHA loans
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