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FHAs definition of “decision” credit score, at least when there are two borrowers, is slightly different from what we e used to on conventional mortgages. Why is that?

April 26, 2017borrowers conventional Credit score decision definition different FHA mortgages slightly Used

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10 Posted

FHAs definition of “decision” credit score, at least when there are two borrowers, is slightly different from what we
e used to on conventional mortgages. Why is that?

1 Answer

0

10 Posted

FHA believes that by using the “average” of decision scores, rather than the lower of two scores, that a higher percentage of such borrowers will be able to receive a reduced premium.