Does anyone have any information on any lenders in Ohio going this low for a credit score? I know that FHA still allows scores to 580, but most lenders won’t go that low – 620 to 640 seems to be the range for most. Trying to get a client/buyer qualified, but not having much luck. I believe their score is in the 590’s and property is located in Columbus.
Just announced yesterday – “The FHA will also require borrowers to have at least a credit score of 580 to qualify for the agency’s 3.5% downpayment program. Those with lower scores will have to pay at least 10%.” I realize other factors are considered like employment history, DTI, etc and the PMI will be higher, but the score is within FHA guidelines. I called FHA/HUD and it is being done, but they don’t keep lists of lenders and advised me to start calling lenders to ask. I’m just trying to see if anyone has any information to save myself some time in calling dozens of lenders.