It seems my industry (mortgage) continues to see changes weekly, if not daily. I received this message from one the lenders we do business with (Suntrust Mortgage).
IMPORTANT UPDATE REGARDING REVISED MINIMUM CREDIT SCORE REQUIREMENT FOR ALL LOAN PRODUCTS – Effective for Locks and/or Credit Packages Received on or After Monday, March 23, 2009
Effective for locks and/or credit packages received on or after Monday, March 23, 2009, a minimum credit score of 660 will be required for ALL borrowers on ALL loan products (traditionally underwritten and AUS processed), regardless of the AUS approval.
This is concerning conventional loans (less than $417K) fannie & freddie. FHA still allows a min. credit score of 620.
Now, while this is only one lender, it is likely other lenders will follow suit. Just another sign of the times, that the credit markets continue to “tighten” and credit scores are becoming more important when buying a home.
Have a good weekend.
Thank you for the opportunity to serve you,
Evergreen Ohana Group
5331 SW Macadam Ave, Suite 287
Portland, OR 97239
Toll Free: (800) 387-7355
Office: (503) 892-2800 Ext.11
Fax: (503) 892-2803
OR ML-21, WA510-LO-33391, WA WA:520-CL-50385
PS. Your business and loyalty are truly valued. I strive to provide all my clients with the very best professional service possible. If a friend or family member would appreciate this level of service, please don’t keep me a secret!