The FHA program that HUD makes available continues to have no credit score restrictions. However, nearly every lender in the secondary loan market has now raised their minimum credit score requirement on FHA loans to 620.
I had 2 lenders who continued to offer no credit score restriction and several others who allowed over a 540 or 580 through this month. All have switched to 620.
The dream of home ownership continues to get more restrictive however loans are still available and taking control of your credit as mentioned in my credit repair topic is a must.
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fix your credit…
Wow – Did you see that Transunion went live with FICO 08 in February! Equifax is rolling it out this fall but Experian won\’t say when or even if they are releasing FICO 08….
do you know of any lenders who will accept a credit score of 618? I am trying to purchase a home and my middle score is a 618?
Thank you
So I have bad credit! and have got myself into a little debt, but I have money in real estate, I have two bedroom apartment worth $350,000 am I entitled to a hard money loan, to invest more into real estate? is it worth it, or one mortgage already one loan too many! Any advice would be much appreciated.
Thanks,
Laura