Tag: Credit Score

FHA – Minimum Credit Score

Question: Does FHA have a minimum credit score requirement? Answer: No. The only credit-score-based limitations that FHA has (for all transactions) are below. However, it is possible that you have secondary market overlays that require a 620. Reference: 4000.1 If the Borrower’s Minimum Decision Credit Score is at or above 580 then the borrower is […]

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USDA – Credit Score for Joint Applicants – If the co-borrower has no credit score, can we use the credit score of the borrower to take advantage of better pricing?

Answer: Even though USDA does not set lender pricing or lock policy, I can tell you from experience that I’ve never been able to use the higher of the two scores to get a better lock price.  So, in your case, the zero score would be the score used, which is unfortunate because that pricing […]

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