Well just when we thought things couldn't get tighter in the mortgage market, they did it again.
Even though FHA does not technically have a minimum credit score most banks do. Until recently the minimum score has been 620 middle credit score. As of this week most all banks have gone to a 640 minimum credit score. This means clients who were pre approved a couple of months ago need to be brought in for another look.
There are more tools in place now to rescore a borrower when there is incorrect information on a report or something has been recently paid off.
I guess one of the positives out of this is you have a reason to call your clients and get them working on their home search.
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