UWM Lowers FICO Requirements on Government Loans
Feb 9, 2018, 16:47 PM
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United Wholesale Mortgage has announced that it has lowered its minimum FICO requirement from 680 to 640 on FHA and VA Elite loans, in addition to lowering the minimum loan amounts for Elite loans from $175,000 to $125,000 with no LTV cap.
UWM also announced that it has lowered its minimum FICO on non-Elite FHA, VA and USDA loans from 640 to 620.
These changes were designed to give even more borrowers access to lower rates and faster turn times.