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kathrynbbc · Joined: 16 Feb 2011 Posts: 2 1.58 Dollars($)

Are the credit score requirements dictated by the lenders
and not by FHA? On the fha site I see a requirement of 580 but it sounds like 640 (or maybe 620 w/10% down)
is actually what is required in the marketplace?
Am I understanding this correctly? A little confusing for a
lay person. Thanks@

gmakerley · Posted: Thu Feb 17, 2011 1:07 pm Post subject:

FHA will set a specific threshold, yes; but lenders can be more conservative if they wish and raise that to a level they might be more comfortable with. Yes, it is confusing to the average consumer, but some lenders are more conservative than others.

brian1 · Posted: Thu Feb 17, 2011 1:20 pm Post subject:

As George has said the banks can and do overlay their own guidelines to what FHA requires
There are a handful of banks that will still do lower score loans but they are hard to find and I do not know of any that are available to the retail consumer directly. They are only available through a broker/banker and may not be in all states. The national banks have all pretty much gone to a 640 score requirement.
B

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