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New Lower Minimum Loan Scores Allowed for FHA Financing

New guidelines for FHA financing.

The positive news is that anyone who needs a mortgage and has a 600 or less credit score may qualify for FHA financing based on the below criteria.

Unfortunately, if you have gone through a short sale process and still have a credit score above 500, you will not qualify to purchase a new home for 3 years from the time of the short sale.

Credit Policy Enhancement: Lower Minimum Loan Scores Allowed for
FHA Purchase Transactions

The following Credit Policy enhancement is being made by Wells Fargo Home Mortgage for FHA Purchase transactions.

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See Also: How Homepath Mortgage Financing Works

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Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

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