Monday, May 23, 2011
FHA/VA lowered the credit score
FHA/VA lowered the credit score requirements for loans. Before- 620 minimum credit score, now minimum score 500-599. FHA and VA requirements: 10% down payment, 2 months of PITI in reserves, maximum 3% seller contribution to closing costs. In addition FHA requires a maximum 36% Debt to Income Ratio and buyers' funds must be from own funds (NO GIFTS)
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