FHA Cosigner credit requirements

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Icon Mini Profile kathrynbbc

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Post Posted: Wed Feb 16, 2011 3:57 pm    Post subject: FHA Cosigner credit requirements

For an fha loan with 10% down what is the current credit score requirements for all borrowers/signers?
Icon Mini Profile brian1
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Post Posted: Wed Feb 16, 2011 6:32 pm    Post subject:

It depends on the bank but the standard these days for most banks is 640 - having a cosigner will only help with income as the score of the lowest borrower will be used for qualification -
also a cosigners debts also get counted.
There are a few banks that will still take less but you will likely have to go through a broker to get to them - I do not know of any national banks that still go below 640

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Icon Mini Profile tfaulhaber1
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Post Posted: Thu Feb 17, 2011 9:22 am    Post subject:

You'll find most will require a minimum of 620-640. Being that you're putting more than the minimum down, most should/will accept a 620 credit score.
Theo (Ted) Faulhaber
tfaulhaber (at) vanguardfunding.net
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