Rose Layton, Home Buyer in West, TX

Is it possible to get an FHA loan with 600 credit score and 10% down?

Asked by Rose Layton, West, TX Wed May 8, 2013

I only have a 3-4 months to get a house and ive been told that it will take 6-8months to get my score up to 640 / 680 what are my chances? HELP

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10
Yes you can get approved with a 600! You probably don't need to get your scores up anymore. There are a few Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either. Let them know I sent you!
12 votes Thank Flag Link Sun Jul 21, 2013
Yes you can get approved with a 600! You probably don't need to get your scores up anymore. Several Lenders can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rate either. Let them know I sent you!

http://www.thelendersnetwork.com
1 vote Thank Flag Link Sat May 11, 2013
Hi Rose, Yes it's possible! You can get an FHA loan with a credit score of 600 with just 3.5% down. Have you tried The Lenders Network? They referred us to a lender that was able to approve our loan, even when we were declined by multiple banks. I would highly recommend them. Good luck!
0 votes Thank Flag Link Wed Jun 17, 2015
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Tue May 13, 2014
yes i want to direct you to mr shirley hadrick (shirleyhadrickloanfirm@yahoo.com) she can solve all your problems.
0 votes Thank Flag Link Mon May 13, 2013
Good afternoon Rose,

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 Thu May 9, 2013
Hello Rose,

I would be happy to refer you to a lender who can help you with this. You definitely want to get your middle score to at least 650. There may be some things on your credit that you can do right now that will increase your score quite rapidly. You may need to make some moving adjustments for the sake of time to improve your score. Make improving your score a priority as opposed to trying to by prematurely. It's well worth it. Call or email for further assistance. Parkerteam4@aol.com or 301-440-1489.
0 votes Thank Flag Link Wed May 8, 2013
Rose,

I would be happy to help you. We're able to finance FHA (3.5% down) loans with middle credit scores as low as 580.

Feel free to apply online at http://www.rhlapps.com/kjones or give me a call. :)

K.C. Jones
RH Lending
214-432-0486
kjones@rhlending.com
0 votes Thank Flag Link Wed May 8, 2013
Yes it us but the rates are higher and the rules are tighter. Our credit score requirement is 620 though. Where did you get that score you gave also? ONLY scores from lenders are valid for mortgages. If you pulled from one of these free sites it's not accurate. Hope this was helpful.

Thanks,
Brent Mendelson
1st Mariner Mortgage
nmls#111407
0 votes Thank Flag Link Wed May 8, 2013
I would be happy to put you with a lender who can assist you with getting your score up as well as let you know what your financing options are
0 votes Thank Flag Link Wed May 8, 2013
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