Higher credit score requirement

by Craig

This will be short . . . Here is an example of one investor, "Suntrust," who made an announcement a day or two ago (effective today) saying they no longer want to accept loans from people with less than a certain credit score.

You see how investors make accross the board changes like this to raise the bar for buyers and lower the risk for the banks. The higher the credit scores the less the default ratio goes.

"Effective for locks on or after Tuesday, February 10, 2009, the minimum credit score requirement for ALL loan products is 640"

Angela Madren
SunTrust Mortgage, Inc.
Correspondent Resource Analyst
1001 Semmes Ave
Richmond, VA