Home Buying in Oklahoma City>Question Details

greenabby511, Home Buyer in Oklahoma City, OK

Can I get an FHA loan with a 633 credit score and 3.5% down?

Asked by greenabby511, Oklahoma City, OK Fri May 3, 2013

I recently applied for an FHA loan with BOK. They said they could not approve me because I have a credit score of 633 and I would need a 640.They told me to come back and three months and they could approve me then. They told me to continue making my month car payments on time, to pay off a $200 collection that is on my report, and to reduce the balance on my secured credit card (even though it was only $100). Is there anything or anywhere else I can go so that I might be approved sooner? My partner and I are wanting to purchase a home within the next 2 months. Any advice would be appreciated! Thank you.

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Jessica Bateman’s answer
Yes you can get an FHA loan with a 633 with 3.5% down, there are conventional loans requiring 3% down with a 620 score you may consider. Check out my friends website The Lenders Network they will refer you to a Lender that can help you out.

Good Luck!
3 votes Thank Flag Link Sat Sep 28, 2013
Thanks Jessica! I took your advice they were able to get me approved with a 600 score!
Flag Fri Oct 4, 2013
Yes you can! Many of my products only require a 620 credit score. And you may not have to pay off the collection account or reduce you secured credit card. Feel free to give me a call tonight or this weekend. I would be happy to help you now! 405-802-8774 http://www.fmbankmortgage.com/bhukill
1 vote Thank Flag Link Fri May 3, 2013
I would like to help you get pre approved for your home loan. A 633 credit score shouldn't stop you from getting financing. Please give me a call @ 405 595 1764
0 votes Thank Flag Link Tue Aug 27, 2013
I also work with a lender that might be able to help you. The lender is First American Mortgage. Go to http://www.faminc.biz and click apply online then click Dale Bogle. Please let me when you apply and I will follow up with Dale. My email address is tillerybarton@yahoo.com. Once you are approved we can start looking for you new home!
0 votes Thank Flag Link Tue May 21, 2013
We go down to 620 on our FHA Products. As stated below it would be in your best interest to pay down your credit cards but I would advise not paying off the collection as it could actually make your credit score drop. That is unless they are willing to "Deleted It". Being an old school LO, my opinion is "Why fix something that isn't broke?" Meaning why risk dropping your score even lower? The way I handle it is, if later on the Underwriter doesn't like to collection, we can pay it off in escrow therefore you won't risk the possible lowering of score. That way we don't dangle the carrot with an act of you pay this off and we might get you a loan. Just my thoughts.

Best of Luck!
0 votes Thank Flag Link Sat May 4, 2013
Call Kurt, owner of Financial Concepts Mortgage at 405-722-5626 and go over your situation with him. Let him know Josh sent you and once you have spoke with him, shoot me an email at Josh@JoshBarnettOKC.com and we can get to work finding your new home.
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Sat May 4, 2013
Not only can I help you get a great mortgage loan, I also have the technology to ensure you can qualify with the healthiest credit file possible. Did you know your credit file may contain errors or other issues that are holding down your credit score? Instead of simply qualifying based on your current credit score, we’ll use our credit proofreading software to give your credit file a checkup and ensure your credit score is as strong as it can be.

Our technology can analyze how you use your credit cards and suggest slight changes that will strengthen your credit score. We can even detect and remove any errors in your credit file that have been working against your credit score. Our easy to follow, step by step plans can improve your credit health in as fast as 72 hours. Since healthier credit profiles often result in higher credit scores - we may be able to help you qualify for better rates and lower down payments. So before you apply for a mortgage loan, let us ensure you have the healthiest credit profile possible.

Get the facts about home mortgages from the experts at ENG Lending. Learn about different types of home mortgage loans and what to expect during the mortgage application process. Plus, find information about the current mortgage market and which mortgage myths you should never believe.
Take 3 minutes to view the attached video and make a decision as to whether or not you need my help http://www.availcoach.com/avail/

Lowell Sterling
Mortgage Banker
NMLS# 968898
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Fri May 3, 2013
Lowell say your post. I recently moved to Austin TX and did a rent to own. I have an open escrow with Allegiant Title with $50k in it. My credit score was under 600 before I sold my house in CA now is at 633 believe with very little work i can get to 640 or above. House is appraised at $495k. What is your thoughts?
Flag Sun Dec 22, 2013
Give me a call at GUILD MORTGAGE we can do 600 scores with no investor over lays we are the lender not broker. Closing everyday and fallouts at our local BOK sends us loans they can't do.580-606-1390
0 votes Thank Flag Link Fri May 3, 2013
My gut would tell me that yes, you could get qualified for an FHA loan with 3.5% down. BOK tends not to go out of the box so you need a lender like First Mortage Co to better serve your needs. I know there are many places to choose from but I have had nothing but good experiences with this company and they have offices just about everywhere. The other option would be to stay with BOK and raise your score which should be possible. Years ago when I was going through BOK for a loan, my loan officer advised me to close a bunch of credit cards that were open but had no balances on them and sure enough, my score jumped quite a bit.

Good luck and please contact me if you need more information!

Russell Benson, REALTOR®
Prudential Alliance Realty
0 votes Thank Flag Link Fri May 3, 2013
Yes you can, with additional stipulations.

Best if luck!
Web Reference: http://www.ubhometeam.com
0 votes Thank Flag Link Fri May 3, 2013
Yes there are other lenders that may be able to help you. Give me a call or email and I'll get you their information.

Bridgett Wells
Keller Williams Realty Elite
0 votes Thank Flag Link Fri May 3, 2013
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