Home Buying in 73162>Question Details

Dennis Capli…, Home Buyer in Oklahoma City, OK

Any lenders that do FHA loans with a low credit score?

Asked by Dennis Caplinger, Oklahoma City, OK Sat Aug 6, 2011

Me and my wife are trying to buy a home and want to know if you anybody does FHA loans with low credit. My mid score is 613 and hers is 630. I have done some research and seen that in some cases you can with a 3.5% down payment. Is this true and if so with our credit scores could that come from a gift? Thanks .. Dennis

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19
Jennifer Robison’s answer
I have a lender that can help you out. If nothing else tell you what to take care of on your credit to get your score up. The higher the score the better the interest rate so it maybe in your best interest to get your credit clean verses paying a high rate for 30 years. Be smart.

Jennifer Robison
Kevo Properties
405-388-0187
0 votes Thank Flag Link Tue Jan 29, 2013
I would recommend The Lenders network they are in Texas and can go down to a 580 credit score with FHA and just 3.5% down which can be a gift. http://www.thelendersnetwork.com

Good luck!
5 votes Thank Flag Link Fri Jun 14, 2013
Thank you so much! I have been searching for such info..your a life saver:)
Flag Tue May 27, 2014
Call Kurt Swink at 405-722-5626 and discuss financing with him. Let me know once he has you approved and we can go find your new home.
0 votes Thank Flag Link Sat Dec 14, 2013
Dennis, you can receive gifts for down payment and/or closing costs assistance. FHA minimum credit scores are 630--I have some lenders that I work with that have some alternative programs that may very well work for you...give me a call or email me. thanks! mw
0 votes Thank Flag Link Sun Dec 8, 2013
Dennis, the 3.5% down payment assistance offered through OHFA now requires a minimum 640 FICO credit score but you may be able to pay down your credit cards to 30% which would bump your credit score up, allowing you to take advantage of the bond money/down payment assistance in the near future. And as someone else mentioned there is something called rapid rescore which can bump you up quicker in some scenarios.
0 votes Thank Flag Link Sun Jan 27, 2013
I have several lenders that can help you. This can be done! I would be glad to point you in the right direction.



Thank-you,

Karen Barton
Metro First Realty
405-209-8243
0 votes Thank Flag Link Sun Jan 27, 2013
Call me or visit my site can do 580 FHA with 3.5 down.

Randy Roberts
214.984.1213
http://Www.thelendersnetwork.com
0 votes Thank Flag Link Sat Jan 26, 2013
Call Michael Clutts, Loan officer are Citywide Mortgage. His number is 405-735-8935. He will be able to answer all your questions.

Tell him Josh sent you.

Best of Luck,

Josh Barnett, Realtor
Metro First Realty
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Sat Jan 12, 2013
I have a Lender can that do that loan right now! Contact me or visit our site, we will help you start to finish from getting a pre approval, to finding you a Realtor and Lender that can get you the best deal!

http://www.thelendersnetwork.com
Randy Roberts
Home Loan Specialist
214.984.1213
0 votes Thank Flag Link Fri Jan 11, 2013
I can assist borrowers with FHA (3.5% down) in Oklahoma and nationwide.

Minimum credit score of 600 required.

My company received an exception from investors to offer FHA for credit scores 600-640.

Learn more: http://www.primelendingdallas.com/fha-mortgage-credit-600

Jori Stern
Senior Loan Officer
PrimeLending, A PlainsCapital Company
(800) 308-8503
0 votes Thank Flag Link Mon Sep 19, 2011
Hi Dennis,

There's some good information here. Another idea may be to look into RD ( Rural Development ) properties. You may qualify for more. There's no mortgage interest and they have down payment assistance. Please contact me if you'd like more information. I also work with lenders who can help you.
Best of luck...

Bridgett Wells
Keller Williams Realty
651-9320
bridgettwells@kw.com
0 votes Thank Flag Link Wed Aug 10, 2011
I am sorry I didn't read all of your question, yes you can use a gift from relative as down payment
0 votes Thank Flag Link Wed Aug 10, 2011
I have a lender that will get you financed for a 580 score:
It is a required down of 3,5% and In most cases I can get the seller pay your closing cost:
Thank you
John Phillips
405 413 0791
0 votes Thank Flag Link Wed Aug 10, 2011
I have a lender that will get you financed for a 580 score:
It is a required down of 3,5% and In most cases I can get the seller pay your closing cost:
Thank you
John Phillips
405 413 0791
0 votes Thank Flag Link Wed Aug 10, 2011
If you visit this website i am sure you will find what you need. https://www.santafemortgagellc.com/santafe/
It is a local company and i am sure that someone there will be able to either help you get a loan or help you improve your score to get it where it needs to be! I hope this helps.

If you are home searching still I recommend using http://www.pruhomequest.com
it is the best Local search site i have found and they have information i literally EVERYTHING you would need.
0 votes Thank Flag Link Wed Aug 10, 2011
there is a program called OHFA Advantage Program through the oklahoma financing agency. The minimum credit score is 620. go to oklahomahomebuyers.org for more info
0 votes Thank Flag Link Tue Aug 9, 2011
I agree with Ron & Margaret, the debt to income will be the big determining factor. To answer the second part of your question, yes(if you qualify) FHA guidelines do allow the 3.5% down to be a gift.

Here is a link to about everything you could ever want to know about FHA loans:

http://www.fha.com/fha_loan_requirements.cfm
0 votes Thank Flag Link Sat Aug 6, 2011
Your mid scores are not too low for an FHA loan, but as Ron noted, FHA is not necessarily credit score driven. A lender will evaluate your score, your income, your debt-to-income ratio to determine if you qualify. And yes, the down payment of 3.5% can come as a gift from a family member. Talk to a mortgage agent to get all the details.
0 votes Thank Flag Link Sat Aug 6, 2011
FHA loans are not Credit Score driven:
They look at the Debt to Income Ratio.
Interestly enough, a lot of people who have lower credit scores, also have a bad ratio.

Good luck and may God bless
0 votes Thank Flag Link Sat Aug 6, 2011
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