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.)

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