If you are looking for the 2017 FHA Credit Score Requirements then you are in the right place as we will go into everything credit score related and how not all lenders are created equal. If you are a potential borrower don’t have a solid resource who can explain different credit score requirements before applying for a loan you could find yourself with mortgage denials. Here at Mortgage Scenarios over 70% of our clients contact us after lenders and banks issued them a denial for reasons regarding their credit score. The reason why a lot of borrowers are confused when it comes to credit scores is for the fact there is the following: Credit Score required per loan program guidelines, Credit Score lender will use to approve your loan, and the Credit Score you believe you have given 3rd party resources. When you work with Mortgage Scenarios we will get your Tri-Bureau Credit Report and corresponding FICO. Using this resulting FICO we can let you know exactly if your credit score will allow you to purchase a home.
If it is determined that your credit score is adequate for the 2017 FHA Credit Score Requirements and you run into a lender who still gives you a loan denial, you are probably dealing with a lender or bank who have Lender Overlays in place. As mentioned previously Lender Overlays are additional requirements lenders put in place on top of the minimum loan program guidelines. Even though lenders have the right to enforce these policies it causes headaches for borrowers who don’t live up to their standards. This is why working with Mortgage Scenarios is essential as we know the 2017 FHA Credit Score Requirements and we will make sure you are qualified using only the minimum guidelines.
According to the 2017 FHA Loan Guidelines there are 3 different credit scores that will determine if you can qualify for an FHA Loan and what type of loan this will be.
Here at Mortgage Scenarios we are 2017 FHA Loan Guidelines experts and know all the finite details associated with FHA Loans. We are able to lend to the minimum guidelines and do not get held back by Lender Overlays. If you want to work with a lender who can get your loan approved, we are here for you and will develop a custom plan to get you in that new house you desire.