What credit score do you need to qualify for an FHA mortgage refinance?

My husband has a 610 and I have a 683. We have 10% equity in our home. Our current lender says he needs a 620 to qualify for FHA (but a few months ago when his credit was 577 the lender said it just had to be 580). Are they trying to play us for fools here?


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Related results on What credit score do you need to qualify for an FHA mortgage refinance?

  1. Previously, any borrower could get an FHA mortgage with only a 3.5% down payment. Under the new rules, however, borrowers would need a credit score of at least 580 to get these terms. Otherwise, the minimum down payment will be set at 10%. ... Homeowners who qualify under these new terms will also have to deal with tighter lending terms. Lenders may impose tighter penalties on missed payments and raise their standards for approving potential borrowers. ...

  1. One of the most attractive features of an FHA loan is that you no specific FICO score required to qualify for the program. This is great news for you if you are looking for a new home purchase or wanting to refinance your current loan. ... You will not be reviewed each specific negative credit on your credit report is displayed, but they agree on repaymentTrend over time. FHA guidelines to the 2 missed payments (auto, credit cards, mortgage qualification, etc. ...

  1. Posted by FHA Mortgage. February 9, 2010. If husband and I use our VA loan and we use it towards a house in Texas, costing no more than $250.000.00 How much should we save in our bank account. Also Whats the lowest credit score that VA will except for a home loan. My husband credit score is not too far from 700. Thank you and have a Bless day. VA Loans. If you enjoyed this post, please consider subscribing to our FHA Mortgage Blog feed and get future articles delivered to ...