September 2nd, 2009 3:50 PM by Mary Schwarz
FHA has once again tightened up the financing guidelines in an effort to minimize mortgage risks. Effective Sept 1, 2009 buyers must now have a minimum 620 credit score. This is quite an increase, potentially shrinking the qualified buyer pool. However VA loans require a minimum 600 credit score and still allow 100% financing.
Gone are the days of purchasing a home on a wing and a prayer. As a future home buyer, buckle up your budget, save money, reduce debt, and work on improving and maintaining a solid credit score. For helpful tips on quick credit score fixes check out this link: http://articles.moneycentral.msn.com/Banking/YourCreditRating/7FastFixesForYourCreditScore.aspx