Credit Score in 48843>Question Details

geminilover_…, Home Buyer in Fowlerville, MI

Getting a home loan with low credit?

Asked by geminilover_23, Fowlerville, MI Mon Mar 24, 2014

My husbands score is a 614, but he doesn't have anything against him, and mine is a 564, with 1 medical bill that is against me student loans.

Help the community by answering this question:


Tony, FHA doesn't require a 580 score. FHA requires a 500 score. 500-579 scores require 10% down with FHA however. There are definitely lenders going down to a 500 score on FHA as well, although not a ton.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
1 vote Thank Flag Link Mon Mar 24, 2014
I am a mortgage specialist in Macomb, I have a lender that will lend down to a 500 credit score for a FHA loan. I am also local and would be happy to meet you in person. If you are interested in getting a pre-approval, I would be happy to take a quick application. Please feel free to call me at any time.

Thanks and good luck!

Derek Tunison
First Mortgage Corporation
Sr Loan Officer
41950 Hayes Rd
Clinton Township, MI 48038
(586) 306-8994 CELL
(586) 601-2798 FAX
NMLS 162605
0 votes Thank Flag Link Thu May 15, 2014
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Darren Sessom, CCRS
0 votes Thank Flag Link Wed Mar 26, 2014
FHA is generally the best option for folks without perfect credit, because their loan guidelines are more forgiving than conventional loans and the down payment needed is small.

What you'll find is that a lot of lenders put their own credit score requirements in place, requiring a higher credit score in order for them to do the loan - often 640 or higher.

With that being said, I can approve certain FHA loans with as low as a 600 credit score. 564 is going to be a no-go wherever you check (because FHA requires at minimum a 580 score) , so unless you are able to get your mid-score over 600 you would not be able to go on the mortgage.

We would have to try and approve the loan using strictly your husbands credit AND income. That is, unless he could also secure a relative as a co-signer.

If you give me a call we can discuss your options. I also have some folks I can put you in touch with to help you get those scores up.


Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Direct (248) 728-0078 | Fax (248) 595-7130 | Cell (313) 622-7383
0 votes Thank Flag Link Mon Mar 24, 2014
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