If your credit score is between 620 and 639, you need to move fast.
There are five major servicers in the Mortgage Industry (along with a number of minor players). Typically in our market and the time we are in, the five major players set the rules and the rest follow suite.
In the past few months two of the major servicers have increased the minimum FHA credit score from 620 to 640. As of Monday 10/4, Bank of America (obviously one of the five) announced that they, too, will increase to a minimum of 640.
We have two of the major servicers still holding at 620 but our sources are telling us that they could go to 640 within the next few weeks.