Tag: credit score
FHA Minimum Credit Score Declines by 60 Points
Ellie Mae’s third quarter mortgage loan origination insight report spoke too soon. FHA has now lowered its credit score requirement by 60 points. Making it even easier for eligible borrowers to qualify for an FHA-backed loan. Borrowers with scores of 580 or higher may be able to sign off on a mortgage loan closing now […]
Credit Clean-Up Tips to Help Obtain Mortgage Approval

As result of a stark increase in mortgage interest rates and fees, it has become essential to have the highest credit score possible when applying for financing. Any score below 740 (as set forth by Fannie Mae guidelines) carries far greater risk, and prospective borrowers will pay higher interest rates and fees. With a credit […]