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TAmmy Edgerson
2 years 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
2 years 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
2 years 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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