FICO Reduced to 500 on FHA and VA Loans
Help meet the individual needs of your borrowers and grow your business with our new reduction in FICO to 500 for FHA & VA government purchase programs.***
- 500 FICO to 90% LTV on purchase loans
- Debt to income ratio determined by AUS with FICO>640 (1-2 unit)
- First-time home buyers – no overlays with DU approved eligible with FICO>640
- 500 FICO – 2 valid credit scores required
- Up to 100% LTV
In addition to our recent reduction in FICO score (down to 500) on FHA and VA Purchase Programs, below are details on our new minimum FICO scores for FHA & VA Refinance Loans.
FHA Streamline & VA IRRRL’s
- No FICO Score requirements
Rate & Term Refinance
(FHA* Credit Qualifying)
- 500-579 FICO to 90% LTV
- 580 FICO or greater to 97.75% LTV
- Minimum 500 FICO
- 85% max LTV for all FICOs
- Minimum 500 FICO to 100% LTV**
***Owner Occupied Only. 1-4 Units. PUD’s, FHA approved condominium projects, land contracts, manufactured homes that follow HUD requirements.
*FHA & VA: Owner-occupied. 1-4 Units. Subject to Specific County Mortgage lending limits. Subject to Debt-to-Income and Underwriting requirements.
**Subject to compensating factors and Debt-to-Income restrictions. A Veteran must have combined entitlement & equity totaling 25% of appraised value.