Credit Score in Katy>Question Details

Caitling.tur…, Home Buyer in Alvin, TX

Home loan with mid credit scores of 560 and 608?

Asked by Caitling.turner, Alvin, TX Tue Nov 5, 2013

Is it possible to be approved for a FHA loan in Texas with one person having a score of 560 and the other with 608?

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I know several mortgage brokers who have many different loan products, FHA with a 580 and 3.5% down, under a 580 requires 10% down... We specialize in helping people with difficult loans most lenders cannot touch.. Credit issues, self employment etc. Email me or visit our site I would love to go over your situation in more detail and refer you to a lender that can help..
0 votes Thank Flag Link Wed Nov 6, 2013
Caitling: The answer to your question is a qualified, "yes". Now, here's the qualification...."after you've done some work on your credit".

There are FHA lenders out there who will go down as low as 580 on the middle credit score if you meet all of the other qualification guild lines, but they tend to be a bit more expensive than if you had a middle credit score of 640.

Now, all that said, have you actually seen your credit report? If so, what does it say? Do you have any open collection accounts? Are there negative accounts (derogatory) accounts that are being reported by more than one company....for example, you might have an account that the original lender is reporting on your credit report that they have sold to another company, who is also reporting the same account; sometimes one account might be reported by several different companies.

If this is the case, you might be able to get your credit scores up in a short period of time.

Also, look at the ratio of your current balances on charge cards to the credit limit on those cards. If you're carrying balances that are close to their limits, the scoring models ding you because they read that as if you're tapped out.

I had one client who only had two charge cards with low limits...something like $300 and $500. She used the cards each month and had balances on the first that was around $250 and on the other that was around $400. When I pulled her credit, her middle credit score was down around 560.

Now, she had never had a late payment with either account and had no other derogatory information being reported. I "fixed" the problem by calling her charge card company with her (they were both with the same company) and requested that they raise her credit limit...which they did to $800.00 and $1200.00. We then pulled a new report and WALA! her middle credit score popped up to the low 700's!

Not to bore you with war stories, but I think that story illustrates how convoluted credit scoring can be and the need to have a good loan officer who is going to work with you.

My company, Bank of England has offices there in Texas, but I can also work as your loan officer is you so desire. If nothing else, feel free to reach out to me and I'll be happy to discuss your situation with you and give you the best advise that I can.

Bob Mitchell
NMLS # 1046286
Bank of England
NMLS # 418481

919-289-9611
0 votes Thank Flag Link Tue Nov 5, 2013
Hi,
You need a mortgage Broker. There are options out there, but you need to speak to a reputable expert.
I can connect you to someone I trust.
After that let's talk about finding you that perfect home.
Call ,Text , or Email me
Good Luck

Ron Hardman
Owner/Broker
AppleRealProperty
http://www.KatyAreaHomeFinder.com
KatyForSale@Gmail.com
281-381-8358
0 votes Thank Flag Link Tue Nov 5, 2013
You have to do some homework here and talk with some lenders to see what they can do for you. They can steer you in the right direction, and let you know where you stand on when and how you will qualify for a loan. I've got 3 lenders I use all the time. Call or email me, and I'll send you their contact information to get you started.

Thank you,

Bryan
0 votes Thank Flag Link Tue Nov 5, 2013
The minimum credit score for an FHA loan is 620. However it's best to consult with a professional mortgage lender for more information.

You can apply directly online at http://thetexasmortgagepros.com
Web Reference: http://www.amandahomes.com
0 votes Thank Flag Link Tue Nov 5, 2013
The answer to this question lies with the lender of your choice. I would be happy to provide a few choices for you if you don't already have a lender of choice. Please call me at 832-445-7084. Once we get you preapproved, I can help you find your home as well.
I look forward to hearing back from you.
Regards
Donna Barrett
Keller Williams Realty
0 votes Thank Flag Link Tue Nov 5, 2013
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