Question by Jesus= Eternal Love: What is the minimum credit score that wells fargo uses to approve an FHA mortgage?
Someone told me that the banks determine the minimum credit score and therefore many banks require 620 and some take a 580 like Bank of America. Does someone truly know what the deal is with this?
Best answer:
Answer by FEAR LUCK
my firlfriends score is 635 and mine was 618 we got approved by presidential bank mortgage.
apparently the next week they required a score of 620 but they are constantly changing what is needed
What do you think? Answer below!
As of the end of March, all lenders supposed to only approve FHA loans if the borrowers score was 620 or greater. However, there was some leeway given to the banks for a couple of months.
That is an FHA requirement and is not up to the banks. Only if FHA approves, can a bank still offer FHA loans below 620.
Credit and mortgages can be a very difficult issue for many people. In fact, every situation is different and depends on many circumstances (not included in your question)