This just in from one of our Preferred Lender Partners The Bomar Team
Hello Friends!
We just got notification on Monday that our lowest FICO score for FHA and VA loans is now 600 (previously 580). . I personally feel that 620 is going to be the new industry standard, as many of the big national lenders have already made this change.
If we have sent you out a pre-approval for someone that you suspect has a lower credit score, please reply and ask if their approval is still good. We have issued many pre-approvals over the past 90 days, and we are not sure who is actively looking or not. These changes have all happened this week, so it is a bit sudden, and we just don’t want to have any disappointments if one of your buyers finds a home, but the loan is no longer available.
Thank you!
If you need to be preapproved or have questions please contact heidi@atchleygroup.com
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