Tag: Credit Score

Fannie & Freddie Announce Agency Credit Score Solicitation – Dated February 18, 2020

Written by: Lloyd Rutherford, Staff Writer Just when you think you have mastered the credit scoring models, the agencies let you know that they may be changing them.  Read through this article to see what may be happening to credit scores in the next couple of years. Rule Synopsis: The GSE’s (Fannie Mae and Freddie […]

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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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