Good luck to you!
Sr. Mortgage Banker
NMLS # 659743
Quality Mortgage Lending
RATED A+ WITH THE BBB
*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
Again with this untrue nonsense. The "insurance" is no different for someone with a 580 credit score than it is for someone with an 800 credit score.
Also, NO ONE uses an "average" credit score. To say FHA needs a 640 average is wrong on 2 levels.
Please stop making up FHA regulations. It doesn't help anyone!
FHA needs a 640 average. That is not negotiable. There are guys that can loan below that, but you are going to get hammered on the interest and insurance. If you talk with a good mortgage broker they can give you the pointers you need to get your score up (instead of just saying no). I have a few if you would like to try another ear. It may take a few weeks or a few months to get your score up. If you have an idea how long it will take, it can make the process much smoother.
Broker Baird & Warner
Try Deb Higgins at Puliski Bank - she is a mortgage broker. I know she does process usda loans- you know the home has to be in their service area right? Also if you are looking in Madison co. perhaps you will (and the house will) qualify for Madison county grant. Under 600 is proable not going to cut the Fha criteria - but I'm not a lender. Deb can - or any lender can tell you what to do to rapidly get the score up. - If you are pulling your own credit through some internet yada yada I think that could hurt you.
Get yourself preapproved so that you can make a strong educated offer.
Good luck and happy house hunting. (I could help you with that!)
Hope this helps.