Jackie's answer has a little more truth in it. There are a handful of smaller lenders willing to finance borrowers with scores as low as 531 or some value below the "big boys" which is 620.

In other words, Countrywide, Chase, Wells, and so on are all at least 620, and even talking about 640 for a minimum mid-score, but we know of a couple of FHA lenders who will actually look at and have underwritten files for borrowers down below 550.

Sweetie,

It can also depend on what mortgage company you are using. I am still getting my clients approved for FHA financing with a 585 score. Good luck and let me know if I can assist in any way!

Jackie
truvaluerealty@gmail.com

Jason is correct:
620 credit score with approx. 3.5% as a downpayment. that applies to anyone .

Keep in mind lender verifies employment of 2 years, debt ratio, and much more.

Direct link if your are searching: http://sites.google.com/site/dallasbankforeclosureslistings


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Hello Sweetie2vk,

Typically the minimum credit score for a FHA mortgage is 620. However, you will see a significant improvement in rates when you reach the 720-point plateau. Why FHA specifically? For purchases, conventional rates will be better and you'll avoid mortgage insurance as long as you have a 20% down payment. If you are considering a refi, many borrowers are not aware that most rate-and-term refinances can go to 97% of the property's value. Hope this was helpful, feel free to let me know if you need anything else.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com
http://emortgagemanagement.com/?page_id=72