HUD Department of Housing and Urban Development announced that there are new changes on FHA Single Family houses guide. FHA loans changes are effective on or after October 4th, 2010. This mortgagee letter changes the new minimum credit scores and Loan to Value Ratio LTV requirements for FHA insured loans.
Here is the Summary of FHA Guidance on Minimum Credit Scores and LTV Requirements
- Borrowers with a minimum decision credit score or above 580 are eligible for maximum financing.
- Borrowers with a minimum decision credit score between 500 and 579 are limited to 90 percent LTV. Read the rest of this entry »