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.