Good luck to you!
The answer to your question requires more information than just the credit score. A 615 score is adequate to obtain FHA financing, however there are more aspects of your credit profile to consider before being able to determine if you would qualify. A review of 08/09 tax returns, the most recent 60 days of your bank statements and 30 days of check stubs or income statements, and your rental history would be required to accurately determine if you could indeed purchase now. In order to shop for a home with the confidence that your financing is solid, you should select a knowledgeable lender to review your complete scenario so that you have no unwelcome surprises once in contract to purchase.
Feel free to contact me if you have not identified a lender that you are comfortable with.
John Paul Mulchay
Most loan programs and lenders require a 620 middle score or better.
There are still a few lenders that will do FHA loans with scores as low as 580 but the rate will be higher.
You only need 5 more points so the best approach is to look for things on your credit that can be corrected or updated with a rapid re-score to bring you score up.
Everything that others have said is true, you do need to speak with a Mortgage Loan Officer. Many buyers are not aware that they need to see two different professionals when purchasing a home. First you will want to consult with a Mortgage Loan Officer to see if you qualify and for how much you qualify. Just like buying a car you do not want to look at a Mercedes if you only qualify for a Toyoda. Then once your Mortgage Loan Officer has told you that you indeed qualify for a loan and the amount you qualify for, then it is time to start working with a Real Estate Professional to find your home. A good Real Estate Professional will help guide you to a Quality Mortgage Loan Officer to help you, and if you like we will be able help you through that process. Just give us a call at (702) 586-2772 Ext: 1 or if you prfer you can qualify online via our web site at http://www.goadteam.com/Loan_Application
Good luck and let us know if we can help you any further.
John Goad, Jr.
of The Goad Team
Realty ONE Group
If you'd like to be recommended to some great loan officers than can help you get prequalified to purchase a home here in Las Vegas, don't hesitate to give me a call.
Rosen & Company West