For many years, if you wanted to get an FHA loan, you didn’t actually have to have a “minimum” credit score – but about 2 years ago, that changed when lenders started requiring a minimum credit score. When lenders first started requiring minimum credit scores, the first minimum credit score they used (or most of them used anyway) was 580.
Then over time it moved to 620.
And now I am seeing many lenders move their minimum credit score requirement to 640 for FHA loans.
Which means that your mid credit score needs to be above 640 for many lenders to be able to help you get an FHA loan. Not all lenders are requiring a 640 yet – but if history is any indication, they will all soon be requiring a 640 mid credit score before they will loan you money.
Yes, guidelines are still getting tighter – and I don’t see the tightening trend reversing direction anytime in the near future.
More From Arizona Mortgage Team
- The FHA Streamline Refinance: Do You Need A 620 Credit Score?
- Arizona FHA Loans: Most Lenders Now Requiring A Minimum 620 Credit Score For Arizona FHA Loans
- USDA Loans: Highlights of the USDA Loan Program in Arizona
Arizona Mortgage Team Recommends
- FHA 203K Loans – The Process (203K Mortgage Loans)
- 203K | HomePath | HomeStyle – Which Loan is Right for Me? | 203K Loans | HomePath Renovation Mortgages – Georgia, Florida, Alabama, SC (203K Mortgage Loans)




[...] 640 is the new 580 – 580, 620 now 640, minimum FICO scores continue to rise for a [...]