HomeBridge has updated the list of states subject to the 620-639 credit score requirements on the FHA and FHA 203(k) programs and the 660 or 680 credit score requirement on the FHA Streamline as detailed below.
FHA and FHA 203(k) Programs
The following states were removed from the list and are no longer subject to the additional requirements that apply when the borrower has a credit score of 620-639:
- Rhode Island
The following states were added to the list and will now be subject to the additional requirements that apply when the borrower has a credit score of 620-639:
FHA Non-Credit Qualifying Streamline
The FHA Streamline was updated as follows:
- Maine and Rhode Island: Minimum credit score is now 660.
- Mississippi and Utah: Minimum credit score is now 680.
The change for Maine and Rhode Island are effective immediately.
The change for Mississippi and Utah are effective with loans submitted to HomeBridge on or after September 1, 2014.
The FHA, FHA 203(k) and FHA Streamline matrices will be updated and posted to the HomeBridge Wholesale website at www.homebridgewholesale.com in the near future.
If you have any questions, please contact your Account Executive.