General Area in Linwood>Question Details

NJ, Home Buyer in Atlantic City, NJ

We want to purchase a condo in the lower chelsea area of Atlantic City. We want to get a FHA loan, does the condo already have to be approved?

Asked by NJ, Atlantic City, NJ Wed May 2, 2012

Or can we work towards getting the condo FHA approved? Also, what is the minimal credit score requirements for a FHA loan? I have great credit but my fiances is currently around 580 but we are working towards raising his. Can they do a combined average our our two median credit scores? We also have very minimal debt.

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Joanne Bernardini’s answer
There have been a series of changes recently put into place by the FHA regarding FICO score requirements and down payments to qualify for FHA loans.
“New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%. This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.”, according to acting Federal Housing Administration Commissioner and Assistant Secretary for Housing, Carol Galante.

An informative article on this topic can be read at:

Joanne Bernardini
Sales Associate
Certified Short Sale Agent
Coldwell Banker-Casa Bella Realtors
0 votes Thank Flag Link Fri May 25, 2012
This condo is currently NOT FHA approved but are there steps that we can take in getting it approved? Also, is the minimum credit score for a FHA loan currently 580 or 620? I have read a lot of conflicting information. Thank you everyone.
0 votes Thank Flag Link Wed May 2, 2012
Unfortunately, lenders are going to base the credit score on the middle score of the lowest borrower. So the entire loan would be based on your fiance's score. There are definitely measures to take to help increase that score.

All condos are fha approved or not approved. The condo questionairre is irrelevant if the condo is not fha approved. I would check the complex to see if it is approved at:

If it is not approved you could potentially qualify for an fha loan. I would love to help you if you give me a call. Best of luck to you!

Joseph S. Cordova NMLS# 146855
Evesham Mortgage, LLC
22 South Maple Avenue
Marlton, NJ 08053
office: (856) 985-9944 ext. 103
direct fax: (206) 333-0946
cell: (856) 304-2381
Web Reference:
0 votes Thank Flag Link Wed May 2, 2012
Yes it does, there is condo question form that all lenders get completed by the association. Your lender should be able to tell what is approved or not. If he has not done loans there he can pay for this form to be completed and he can send it to his underwriter. Please call me and I can give you the name of a great lender. if you need one. My cell is 609-457-0410.
0 votes Thank Flag Link Wed May 2, 2012

Yes, the condo does have to have FHA approval. Great to see that you are proactively taking measures to improve your fiances' credit score. If you are both going to be on the mortgage, yes, both scores will be used but not combined and averaged out. Your next step is to speak to a Loan Officer. My company has in-house lenders which enables the most convenience costumer service. If you would like to contact him and get a free Pre-Qualification, his name is Robert Madonna with Trident Mortgage. 609-677-7821 (Direct line), or via cell, 609-992-8539.

Good Luck!

Erin E. Reilly
Prudential Fox & Roach
0 votes Thank Flag Link Wed May 2, 2012
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