Credit Score Requirements Going UP!
November 29, 2009 by Eleanor
Filed under FHA Mortgage Loans, VA Mortgage Loans
On December the 12th, Fannie Mae is changing it’s “Computer Program” to reflect a new minimum credit score requirement for mortgages of 620.
This is SIGNIFICANT because VA Mortgage Loans, FHA Mortgage Loans and USDA Rural Development loan guidelines indicate that the Government will insure loans with scores substantially lower than this… however, if a loan is approved lower than 620, it can not be sold through Fannie Mae.
This means that lenders will not be making loans were scores are this low, because they need the ability to sell the loan if times change!
If you have questions about raising your credit score, please click here. If you want to get prequalifed, and find out what your credit scores are – please call Steve Thorne at 919-849-5058.
My credit score last year got lower because i have some unpaid bills on my credit card company and i also lost my job.`,,
My credit score last year got lower because i have some unpaid bills on my credit card company and i also lost my job.”*.