Private mortgage insurance companies have raised the minimum credit score to obtain 100% financing on a home mortgage to 620. Any home loans submitted with less than 620 credit score will now be capped at 95%, with 5% of the purchase required as down payment from the borrower.
With the loss of downpayment assistance programs and tighter underwriting guidelines, it is getting a bit harder to pull off 100% home loans. However, there is still some exceptions....
Read more about New Requirements for 100% Home Loans
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Thanks for sharing this, Ed!
Thanks for the heads-up ED!