What You Need To Know
Remember the days when someone with a 500 credit score could qualify for a New Jersey FHA mortgage? Well over the past year, FHA credit score requirements have been increasing. Nearly 20% of FHA loans are currently in default causing FHA lenders to be more cautious.
In this current mortgage market, to even be considered for a FHA mortgage, you MUST have a 620 minimum credit score. But we are seeing a trend that many other FHA lenders are now following.
