Credit Score in 89117>Question Details

Piersports125, Home Buyer in Valleybrook, Durham,...

Can I get approved for a FHL loan with credit scores of 580 and 650?

Asked by Piersports125, Valleybrook, Durham, NC Wed May 4, 2011

I understand that you need at least 620 credit score to get approved for a FHA loan (I've been told that some lenders accept 580 and above as well). I have a low credit score of 580 but my co-signer has a fair credit score of 650. Can we get approved for a FHA loan? Thanks for your advice.

Help the community by answering this question:

Answers

11
Please disregard the pervious postings as they are incorrect. Agents really need to stick to what they know and stop quoting mortgage finance guidelines. The actual FHA guidelines allow for a credit score as low as 500 with 10% down payment and a score as low as 580 with 3.5% down. The actual FHA mortgagee letter can be found here: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/fi…

It would be very helpful if agents on this site either learned the guidelines or stopped answering questions regarding them if they don't.

Piersports, find a licensed, qualified loan officer in your area to assist you.

Thank you.

Web Reference: http
Web Reference: http://WeFixRates.Com
2 votes Thank Flag Link Wed May 4, 2011
Yes you can, as long as you have had no derrogatory credit in the last 12 months, assuming no other issues in the last 2-3 years, ie bankruptcy, foreclosure.
0 votes Thank Flag Link Thu May 5, 2011
Hello,
Please talk with a qualifies lender to see what options will work best for you.. If it's not the time for you to buy because of credit issues, just spend your time cleaning up things and move forward.

Penny O'Brien
Simply Vegas
702.321.9383
0 votes Thank Flag Link Thu May 5, 2011
You've definately seen some varying answers below, but based on the universe of lenders I work with 580 is the miniminum FICO that I can get approved today. That's not to say a 500 FICO with a higher down payment isn't out the question. (PS. it was a 600 FICO just a few months back, so credit is starting to 'loosen' in some regards)

For your purposes, I'd talk to some local mortgage bankers and find out what they can do for you. Based on your limited information provided, it appears you can get this deal done and you just need to find the right partner to assist you in getting your loan.

Good luck to you.
0 votes Thank Flag Link Thu May 5, 2011
There are a lot of determining factors that will decide whether you can get approved for a loan besides your FICO score. I recommend you speak with a lender that is referred by someone you trust and who is willing to disclose costs, as well as, the various scenarios that may qualify you. If you like, I can provide names and numbers of lenders I have used plus testimonials of clients who have been over joyed with their services.
Thanks
Chris Dowlen
Keller Williams Realty
702-806-176941
Web Reference: http://www.teamdowlen
0 votes Thank Flag Link Thu May 5, 2011
Ok...so I guess that with a lower credit score, you might get a FHA loan. With that said, I wonder how many are approved with a credit score under 620? Speaking with a local mortgage broker on this subject last week, I was told that very few are approved.

So, the best scenario is to check with a mortgage broker, give them all of your information and have them do a pre-qualification.

Good luck!

All the best,

Kat Becker
Prudential Californi Realty
katbecker@hotmail.com
0 votes Thank Flag Link Thu May 5, 2011
Good Morning,
I work with lenders such as Wells Fargo that go as low as 500 w/ 10% down and 580 is back to 3.5% down. I would be more than happy to sert you up an appointment with my loan officer to see where you stand. Please contact me at your earliest conveience. I look forward to assisting you and gave a great day!

Sincerely,

Jenaya Mendez
Realty Executives
702-873-4500
JenayaMendez@RealtyExecutives.com
0 votes Thank Flag Link Thu May 5, 2011
Your best bet is to check with a couple of lenders/mortgage broker in your local area to see what they have available because mortgage guidelines seem to change quite a bit.
0 votes Thank Flag Link Thu May 5, 2011
Good evening!It could be possible,please contact me if you wish to get in touch with my lender!They go as low as 580,but of course there are many factors involved!Looking forward to hear from you!Regards,Lilly Ruiz
0 votes Thank Flag Link Wed May 4, 2011
Nadia is correct...620 is the magic number, however, you must have income verification and a 5 to 10% down payment.

Good luck!

Kat Becker
Prudential California Realty
0 votes Thank Flag Link Wed May 4, 2011
It is very possible. FHA requires a minimum of 620 credit score. And there is a new program from wellsfargo that is supposed to allow a minimum of 575 credit score. Call me in the morning and I can help you further with
Getting prequalified.
Nadia Gross
Realtor, Realty One Group
B.S. Marketing with 20 years of business and marketing experience
702-427-8221
Www. Nadiashomes.com
Ndg7@me.com
0 votes Thank Flag Link Wed May 4, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer