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TAmmy Edgerson
a year ago
I was just denied for an FHA and was advised that the LOWEST of the 3 credit scores reports are what is used to obtain approval for an FHA? and that my LOWEST score must be atleast a 640 is this true?
 
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Eric Campbell... Answered 27 more questions
a year ago
Most lenders go off the middle score between Experian, Transunion, and Equifax. I'm unaware of a lender going off the lower score unless you only have 2 scores. 620 is the minimum FHA score allowed at my bank.
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Joe Wallace... Answered 323 more questions
a year ago
HUD 4000.1 states of the credit score:

"The Minimum Decision Credit Score (MDCS) refers to the credit score reported on the Borrower’s credit report when all reported scores are the same. Where three differing scores are reported, the middle score is the MDCS. Where two differing scores are reported, the MDCS is the lowest score. Where only one score is reported, that score is the MDCS.

An MDCS is determined for each Borrower. Where the Mortgage involves multiple Borrowers, the Mortgagee must determine the MDCS for each Borrower, and then select the lowest MDCS for all Borrowers.

Where the Mortgage involves multiple Borrowers and one or more of the Borrowers do not have a credit score (non-traditional or insufficient credit), the Mortgagee must select the lowest MDCS of the Borrower(s) with credit score(s)."
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Angela York
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I purchased a home in Nashville in Jan 2015 and it is a FHA loan where I made a down payment of 3.5%. Am i allowed to rent that home with the FHA loan and apply for a new FHA loan with 3.5 % down, in order to move to Mt Juliet TN 30 miles from my Nashville home?
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A Curious User
2 years ago
The current mortgage is an FHA loan, and the mortgage documents say that it is an assumable mortgage. How do I get this process started? Is it similar to refinancing? Will the property need to be appraised? I also need to know if it is possible to assume the mortgage, given that I now have one income, instead of two.
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A Curious User
2 years ago
My spouse and my credit scores have a high and low range for each of us. I just want to find out what mortgage companies will use.
My spouse and my credit scores have a high and low range for each of us. I just want to find out what mortgage companies will use.
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A Curious User
2 years ago
My property is zoned for mixed-use (residential and commercial).
My property is zoned for mixed-use (residential and commercial).
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A Curious User
2 years ago
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
I sent over a copy of the transaction as I don't get paper statements mailed to me. Will a copy of the transaction suffice? I'm not comfortable sending over my bank statements. It wasn't necessary for another child's loan.
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