Financing in Tampa>Question Details

T, Both Buyer and Seller in Florida

What is the lowest credit score I can have and still be able to get home loan?

Asked by T, Florida Fri Jan 10, 2014

I am looking to purchase a home anywhere between Orlando and Tampa. However, the credit scores are consider poor. Me and my husband do not have any Bankruptcy, Foreclosure, short sale on the report. At most we try to maintain paying our bills on time. I heard many many people talk about FHA loan that will still allow you purchase a home with a poor low score.

What is the lowest credit score I can have and still be able to get home loan?

I am looking to see is their anyone out there that knows about this and could refer me to someone on this. Any help will be great.

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Down payment only 3.5% of the purchase price with a 580.
Down payment only 10% of the purchase price with a 550.
Gifts from family or Grants for down payment assistance and closing costs OK!
Seller can credit buyers up to 6% of sales price towards buyers costs.
No reserves or future payments in account required.
FHA regulated closing costs.
0 votes Thank Flag Link Thu Jul 17, 2014
FHA will permit credit score down in the 500's. However, most lenders will have their own overlays in place that prevent max financing under a 620. Some still do 96.5% financing down to a 580.
0 votes Thank Flag Link Sun Jun 15, 2014
Most lenders will be reluctant to prequalify anyone under 640. It's possible but you would typically pay a higher interest rate. I know of 3 excellent free resources that can help you repair your credit if you are under your range. Please let me know. Thanks!
0 votes Thank Flag Link Fri Jun 13, 2014
We offer Credit Restoration that in 30 to 70 days we can remove all negative items from your credit report. You have the option to pay upfront or pay when its done. But when were done your score will be over 700.
0 votes Thank Flag Link Tue Jun 10, 2014
We can do FHA financing with credit scores down to 500 - maximum financing with a 580or better and I have 14 years of experience in the mortgage industry to offer you as well. If we can not get you pre approved today I will give you a definitive gameplan on how to become a buyer as soon as possible. My office is located in Tampa and you can reach me at my listed contact information pretty much any time. Let me know how I can help.
0 votes Thank Flag Link Tue Jun 10, 2014
T, Florida Credit scores are important and reflect derogatory credit based upon slow pays, judgments, tax liens, bankruptcy and UCC liens. Federal loans, alimony and child support can also be reported on your credit.

Your credit scores provide a description of the top factors impacting your scores. You will be able to read this information when you pull your credit report.

Poor credit scores are a portion of consideration underwriter's factor into evaluating your ability to re pay the loan.

It would be in your best interest, to reach out to a well experienced mortgage broker that offers, conventional, government and private loans. Their network make include a credit repair agency.

Repairing credit requires determination, diligence and persistence. Good luck.

Best regards,
Lynn Brock
Brock Realty Inc.
Visit where you can sign up for a FREE Listing book account which allows you to search the MLS in real time and receive morning reports on new listings, current pendings and recent solds.
0 votes Thank Flag Link Tue Jun 10, 2014
There are more factors than just credit score, but if you want to start there then I can go down to a 580 for FHA financing (3.5% down). We would need to pull your credit, see what all is on there and what needs to be addressed. I would try to get your score up as high as possible while we go through the financing/home search stages to get you the best possible rate and terms.
0 votes Thank Flag Link Thu Jan 23, 2014
I can do FHA with a 600 score. I also can often find ways during the loan process to get your score up some. Not only will this often get you a little better rate on this loan, but will obviously help you going forward with auto loans, etc.

If your score is less than 600 I can still do the free credit run and analysis to determine what would get your score where it needs to be.

Feel free to reach out if you wish to give it a shot!


Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549
Cell: 301-651-7822
NMLS# 695929

Rate quote or live chat with me at the link below:
0 votes Thank Flag Link Fri Jan 10, 2014
Also try a credit union.

Lastly there is the NACA program:

Just be sure to find your Realtor first or they will assign a Realtor to assist you. Then your Realtor would input your details to the website to sign you up.

Good luck!

All the best,
0 votes Thank Flag Link Fri Jan 10, 2014
Really 610/620...any lower would require a co-signer and at that I think its 590...Wells Fargo is probably your best bet with low scores...They have programs set in place for co signers...But still then very hard
0 votes Thank Flag Link Fri Jan 10, 2014
FHA is a great way to use a bank financing for your home purchase.

If you have saved a down payment, there are several investors looking for home buyers that otherwise do not qualify to purchase a home through a bank. Call me to find out more at 813-600-3563

Below is an excerpt from the FHA website

"Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, "limited to 90 percent LTV".

Applicants who have a minimum decision credit score of less than 500 are not eligible for FHA mortgages. Those with credit scores of 500 or better are eligible for 100% FHA loan financing with no down payment required when using the FHA 203(h), Mortgage Insurance for Disaster Victims."
0 votes Thank Flag Link Fri Jan 10, 2014
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