What is the minimum FICO score for FHA?

Answer With most FHA, or Federal Housing Administration, lenders the minimum FICO or credit score allowed is 580. However, many lenders are requiring that a FHA borrower have a minimum score of 620, as op... Read More »

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What is the minimum FICO score to buy a VA house?

The minimum FICO score required to purchase a home with a VA or Veteran's Administration loan is 580. However, many lenders require a minimum credit score of 620 in the current credit market.Source... Read More »

What is the minimum FICO score needed to obtain an FHA mortgage?

The Federal Housing Administration has no firm floor on allowable credit scores as of July 2010. FHA's Assistant Secretary of Housing David Stevens proposed implementing a "two-step" FICO floor pla... Read More »

Do lenders use credit score or fico score for mortgage rate?

Lenders use both credit and FICO scores to determine mortgage rates for individual borrowers. Mortgage companies use a "tri-merge" credit report that lists credit bureau scores from Experian, Equif... Read More »

What is the difference between a Beacon score and a FICO score?

The Beacon score was the name for a credit score calculated by the Experian credit bureau. The Beacon score used an older scoring algorithm developed by the Fair Isaac Corporation. It has since bee... Read More »