FHA now requires a Minimum credit score of 500

FHA now requires a minimum credit score of 500 per a recent article sent out by Golden Arrow Realty http://www.goldenarrowrealty.com/ . New Horizon Homes Builder, inc is ready to build your single family ranch home in Willow Ridge Estates in Lemont and we are letting our clients know how important it is to watch and know their credit score. A larger downpayment is required for lower credit scores. Also community banks are looking at more than just credit scores. A few factors they review include, length of employment and whether or not home buyers have an exisiting savings account in which they make regular deposits.