Wantmydreamh…, Home Buyer in South Dakota

what is the minimum combined credit score for 203k fha and how to i calculate the combined score?

Asked by Wantmydreamhouse, South Dakota Thu Apr 7, 2011

Minimum credit scores for 203k loan? How do I calculate our combined credit score?

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Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Fri Jan 6, 2012
As time passes, the answers to this post will change. It's best to consult with a loan consultant who specializes in these to find out what that number is at that moment in time. 640 is generally the floor these days for 203k's but I've heard that some lenders require a 660 and last week I heard someone say they needed a 680 (seems far fetched but who knows these days).

Dan covered how the deciding credit score is calculated great. Banks use the "lowest" middle score for any and all borrowers on the loan to determine risk (FHA, conventional, VA, USDA, etc).
Web Reference:  http://RobWeber.com
2 votes
Joe Borelli, Other Pro, Riverview, FL
Tue Jul 26, 2016
The FHA credit guidelines are the same even for 203K renovation loans. Most lenders should be able to borrowers with a middle score > 640. It would be best if you can contact local FHA lenders well versed with FHA guidelines to determine your eligibility.

1 vote
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Thu Jan 12, 2012
Great answer from Rob. As lenders, we are given updates on products and guidelines on a daily basis. What is good today, may be completely different tomorrow. That is why it is imperative to work closing with a mortgage professional. All too often, some answers from non-mortgage related professionals are based upon a flyer they saw a few months ago, not the facts based upon current lending guidelines. I realize you question is somewhat dated; however, the answers are still great for anyone looking at standards in today's market. Best to you!
0 votes
Shawn Ryan R…, Agent, Belleville, NJ
Thu Dec 8, 2011
dan is right. 640 is generally quoted as the minimum score needed for FHA loans. it general it is the truth, but there are certains FHA programs for buyers with scores lower than 640 in the case of extenuating circumstances (high income, large downpayment, etc.)
0 votes
Dan Tabit, Agent, Issaquah, WA
Thu Apr 7, 2011
No calculator necessary, just have a lender get order your credit report. Each company will provide 1 score for each borrower. Banks will use the middle score of the lower applicant. So, if a couple applies and one has scores of 625,635,650 and the other has 635,660 and 690 the score of 635 would be the determining number for qualifying for programs and getting a rate quote.
For some FHA loans 640 has been given as the bottom score, but this isn't necessarily the case. Talk to a lender familiar with 203K loans. Wells Fargo branches may offer the lowest score approvals.
0 votes
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