Samanthanjer…, Home Buyer in Chisago City, MN

Is there any lenders that will qualify with a credit score below 600 for a fha loan?

Asked by Samanthanjerry1124, Chisago City, MN Wed May 1, 2013

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Answers

6
Yes, they're are lenders that require just a 580 credit score for FHA loans. We can refer you to a couple lenders that can help you.
0 votes Thank Flag Link Sat Oct 18, 2014
Yes, sometimes. Contact your local Realtor for a lender recommendation, they can walk you through the process and let you know for-sure.
0 votes Thank Flag Link Tue May 7, 2013
Lower scores equal higher rates and lower loan to value (the amount of money the lender will be financing). You may find lenders that qualify you with a less than perfect score, but you will be over paying your mortgage each month. Work on improving your scores and save thousands of dollars each and every year with a low interest rate.

Have a great weekend.

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes Thank Flag Link Sat May 4, 2013
Good morning Samanthanjerry1124,

We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
http://www.consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
http://www.consumer.ftc.gov/articles/0058-credit-repair-how-…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed May 1, 2013
Prospect Mortgage goes down to a 580 credit score on an FHA loan. What state are you looking to purchase in?
Mandy Fritsche, Prospect Mortgage, mandy.fritsche@prospectmtg.com, 262-327-5700. I originate in WI but we have people in MN if needed.
0 votes Thank Flag Link Wed May 1, 2013
san francisco
Flag Thu Dec 12, 2013
I'm looking in polk county wi the st croix falls area.
Flag Wed May 1, 2013
Hi there! I can put you in touch with a mortgage loan originator that I work with quite often. She may be able to help. Email me if you would like her info at tabathanelson@kw.com
0 votes Thank Flag Link Wed May 1, 2013
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