Today was issued Mortgagee Letter 10-29. This Mortgagee Letter introduces new minimum credit scores and loan-to-value (LTV) ratio requirements for FHA-insured loans.This guidance is effective for case numbers assigned on or after October 4, 2010.
Basically, borrowers with credit scores at or above 580 are eligible for maximum financing. Those with credit scores between 500 and 579 are eligible for 90 percent LTV. Finally those with credit scores below 579 are not eligible for FHA insured mortgages.
You can find the complete Mortgagee Letter 10-29 Read more.
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