Financing in Sioux City>Question Details

Stillooking, Home Buyer in Sioux City, IA

Can I still get a FHA with a credit score of 575?

Asked by Stillooking, Sioux City, IA Thu Aug 13, 2009

And if not how can I get my score up?

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Answers

2
Possible if there were extenuating circumstances, like medical, divorce ect however 600 is the preferred score. Mark Roos of Wells Fargo can give you some tips to buid your score,
0 votes Thank Flag Link Fri Aug 14, 2009
Yes, you can. The problem is that most FHA lenders have increased their minimum scores to 620 - but there are a few left that will underwrite files with middle scores down to 530. Please realize that there needs to be a really good reason that your scores are suffering in order for an underwriter to validate your credit history and qualify you for an FHA mortgage with a 575. It will not be easy.

As for boosting scores - there are probably several reasons that your scores are down - the main things that I see on credit bureaus with sub-600 borrowers are:
1. Revolving credit balances that are over half of the cards' limit. If you have a Sears card with a limit of $1000 and a balance of $800 you aren't doing yourself any favors - it would be much better if you carried a balance at $300 or below.
2. Collections or judgments are typical to drag a score down. If there is inaccurate information on your report, you can take the time to get things fixed or you can even pay a professional to make these thing happen if you do not feel that you can take the time to do it yourself.

Hope this helps!
0 votes Thank Flag Link Thu Aug 13, 2009
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