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FHA and Subprime

The Office of the Comptroller of the Currency (OCC) Mortgage Metrics Report uses standardized definitions for three categories of mortgage creditworthiness: prime, Alt-A, and subprime. These are defined using ranges of FICO credit scores at the time of origination: prime is 660 and above; Alt-A is 620 to 659; and subprime is below 620.

According to FHA’s FY 2014 Q4 Report to Congress, the average FICO score of an FHA borrower through December 2014 was 679. Only 4% of all FHA borrowers have credit scores that are considered subprime (below 620).