Click here to join our mailing list to receive the latest news and updates as they happen. Unsubscribe any time.

Dept. of Finance Lowers Minimum Credit Score to 600

The Department of Finance’s new insured mortgage rules arrive on October 15.  Originally, they were supposed to mandate a 620 minimum credit score.  This has now been reduced to 600 after Finance Department discussions with industry stakeholders.

The government has also eliminated the 45% total debt service (TDS) maximum, and replaced it with a “principles based approach” according to CAAMP.

Here are two documents with more details:

(Thanks go to CAAMP for providing this information.)