Volume 7 - Number 4
February 14, 2014
Lenders Lower Credit Scores for FHA Loans
Buoyed by improvement in FHA loan quality, some lenders have begun lowering the credit score requirements for FHA and other government-backed mortgages. Last month, Wells Fargo alerted FHA lenders of its decision to lower the minimum credit score for purchase home loans through its retail channel from 640 to 600. We felt it was an appropriate time to do it given the improvement in FHA loan quality, a spokesman explained. The change applies to all FHA borrowers. Last years resolution of the FHA indemnification issue also prompted the change at Wells Fargo, according to a bank official. In addition, resolving the putback risk with ...
Subscribers to Inside FHA/VA Lending have full access to all its stories and data online. Visitors may become subscribers for full access or may purchase individual articles and data.
Subscriber Log In
If you are a current subscriber or already purchased this article, please login below.