Credit Score in Oakland>Question Details

Elease Truso, Home Buyer in Oakland, CA

With a credit score 614, can I get a Fha loan?

Asked by Elease Truso, Oakland, CA Fri Nov 11, 2011

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Trevor Curran’s answer
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.ftc.gov

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
Web Reference: http://tcurranmortgage.com
0 votes Thank Flag Link Mon Dec 5, 2011
I work with a lot of people who have less than perfect credit, seems like you can get approved now. I tell all my clients that need a pre approval to visit The Lenders Network, I have seen loan approvals from them even with scores under a 600. So if anyone can get you a loan they can.

Good Luck!
1 vote Thank Flag Link Sat Aug 10, 2013
If you need help to raise your credit scores fast,
We specialize in raising FICO scores dramatically, in weeks, not months or years.

As a matter of fact with one of our most recent clients we raised his score from 552 up to 729 in 3 weeks.

Hope This Helps

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800 N Rainbow Blvd
Las vegas, NV 89107
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IzmCreditServices.net
0 votes Thank Flag Link Sun Apr 19, 2015
Hi Elease

Absolutely, you should be able to.
However, the banks would like to know the following:

What is your earnings
What is your outstanding debt
What is your Debt to Income ratio
Can you show 2 years work history in the same field
Can you show two years tax returns
Can you show pay stubs and not be business for yourself
Do you have outstanding collections due, or monies owed.


If you qualify on the above you will get a loan that will have a Rate slightly
Higher than but still get the loan.
Prudent for you to get in touch with a good FHA lender.

Goodluck
Perry
0 votes Thank Flag Link Sat Nov 12, 2011
Yes, its possible. There are lenders that can work with that FICO score. I would recommend getting a pre-approval to determine if you're able to qualify.
Web Reference: http://www.bma-loans.com
0 votes Thank Flag Link Sat Nov 12, 2011
Hello Elease,

There is actually a program out there for people with low credit scores to be able to qualify. I'm a certified broker for the program, though it does involve taking a class online, its well worth it. Please feel free to call or email me if you would like more information.
0 votes Thank Flag Link Sat Nov 12, 2011
Hi Elease,

YES! You can get an FHA loan with a 614 mid credit score, provided of course, you qualify in all the other areas including what is on your credit report in terms of any negative credit issues.

Our bank will lend with credit scores as low as a 580 mid-score with only 3.5% down.

Please feel free to contact me if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (no minimum credit score, no appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
0 votes Thank Flag Link Sat Nov 12, 2011
You may, but there are other factors besides credit that will determine mortgage qualification, such as income, debt, etc.; therefore do visit with any licensed loan officer(s) for an accurate answer as it applies to you; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sat Nov 12, 2011
You should be able to get an FHA with that credit score, it's the most flexible loan program available. You should call a loan agent, if you need a recommendation of someone that does lots of FHA loans and can get them done, just email or call me.

Thanks
0 votes Thank Flag Link Sat Nov 12, 2011
You are really close, Elease! Meet with a lender there in Oakland. Sit down and talk with them. After they run your credit checks and history, have them show you where you could improve. Then make a plan and stick to it. I had a client with a lower score who did this and she called me in 3 months all excited that she had brought her score up so fast! Yes, she's now in her house. She did the work. We found the right home for her, negotiated the best price and she moved in several months ago. You only need to come up a few points - you can do it!
0 votes Thank Flag Link Sat Nov 12, 2011
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