Almost all of our FHA Lenders now require a 640 Credit Score. And Conventional Lenders and MI Companies are also stricter with respect to credit scores nowadays.
If someone’s score is 10 to 20 points below requirement, we can use our software to do a “re-score analysis” and then actually do what is called a “rapid re-score”, if necessary. We just did this for a borrower who needed to be at 720 for the pricing he desired, and we bumped his score 10 points in just under a week with a re-score.
For tougher cases, with scores 25 or more points below a requirement, we recommend an outside company that specializes in Rebuilding Credit. A company we like is Veracity Credit. They are reputable, relatively cheap, and they have done a good job for many of our clients. Many “Credit Repair” companies in the market are far less than reliable, and some are outright scams.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167