August 2007

740: New Minimum Credit Score for Mortgages

My husband and I just applied for a mortgage this week. After the broker ran our credit, he informed that the new minimum credit score for mortgage underwriting is an astounding 740. That’s no problem for us — our scores were around 800 — but that could be a problem for many prospective homebuyers. The average credit score is 723. That’s not to say that you can’t a…
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