Home Buying in 53226>Question Details

Desmond, Home Buyer in Wauwatosa, WI

Can I get approved for an FHA loan with a 622 Credit Score?

Asked by Desmond, Wauwatosa, WI Thu Feb 27, 2014

My wife and I are trying to get a home once she signs her teaching contract. Her Credit score is a 690, and Mine is a 622. I was told I need to raise my score for us to get an FHA loan, because 640 is the least amount that is eligible for the loan. Our combined income would be around $60,000. Are there any places in Wisconsin that would approve me for a Loan with a score of 622? We have more than the 3.5% needed.

Thanks

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7
Desmond,
I am a realtor with Shorewest Realtors and I know that with your situation you should have no problem getting approved. I work with a great lender named Cindy Alivo and she makes magic happen. I would be more than happy to help you with your real estate needs.

Thanks,

Matthew Szymuszkiewicz
Shorewest Realtors
414-243-6531

Cindy Alivo
Apex Mortage
414-719-8657
Give her a call and she will get you closed on a house.
1 vote Thank Flag Link Sat Mar 1, 2014
Yes, you can get a loan with a credit score as low as 620. FHA now allows 600. Depending on your credit and DTI, you may be required to have additional reserves to make sure you have cushion left over after the loan closing for emergencies. You are welcome to call me. Denise 608-438-0317 I work with PrimeLending.
0 votes Thank Flag Link Wed Mar 5, 2014
Hello Desmond,

It is possible to get an FHA loan with a 622 credit score. I work with over 40 different lenders, some of which accept scores down to 500 for FHA. Let me know if you have any questions or would like to get started with a free professional assessment

Thank you,

Ashley Pimentel
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
Licensed in IL & WI
apimentel@marketplacemc.com
0 votes Thank Flag Link Sat Mar 1, 2014
As far as the rest of our financial picture, I think we are ok. Last I checked my score was 622. Shortly after that we paid off our car payment, (about $3500) my student loans, and got the balances on our credit cards to 0. So our only monthly payments of a larger sum would be her student loans. Assuming she gets this teaching position in late march, when they pull the credit report I am only assuming it should be higher by then (fingers crossed)
0 votes Thank Flag Link Fri Feb 28, 2014
Desmond, it sounds as if you and your wife definitely have made progress on increasing your credit score, so good for you! If you'd like a couple lender names / contact numbers, and/or to start working with a RealtorĀ® to start looking at some homes, please make contact with me and I'd be happy to help.
Flag Fri Feb 28, 2014
Hi Desmond,

As a licensed and experienced RealtorĀ®, I work closely with several local lenders who are typically able to qualify prospective purchasers for a loan with a credit score of 620. Please keep in mind though that the underwriting process and ultimate decision - whether manual or computer driven/automated - will depend on you and your wife's overall financial picture; to include income, as well as your debt to income ratio.

I'd be happy to provide you with some names of local lenders in the Tosa area who would be happy to speak with you over the telephone, or meet with you. Of course I would love an opportunity to assist you and your wife with your new home purchase as well.

Please contact me should you wish my assistance!
0 votes Thank Flag Link Fri Feb 28, 2014
Thanks that would be great.
As far as the rest of our financial picture, I think we are ok. Last I checked my score was 622. Shortly after that we paid off our car payment, (about $3500) my student loans, and got the balances on our credit cards to 0. So our only monthly payments of a larger sum would be her student loans. Assuming she gets this teaching position in late march, when they pull the credit report I am only assuming it should be higher by then (fingers crossed)
Flag Fri Feb 28, 2014
Hello Desmond. I am a licensed Realtor with 22 years of lending experience and an connected to lenders who can help your situation. The lending decision will not only be based on score and FHA is in place to grant manual approvals (as opposed to automated or computer driven decisions) that consider your entire loan file. Please contact me at 414.217.6262 for further information.
Mark Person, MBA
0 votes Thank Flag Link Fri Feb 28, 2014
Hi Desmond, im sure youll be able to find a local lender that can assist you. im a lender in CA and have programs available for buyers with ficos as low as 580. if you arent able to find a lender local to you, try Wells Fargo. they may not have the quickest turn times but i do know they reduced their fico requirement for FHA loans. i hope it works out for you!
0 votes Thank Flag Link Thu Feb 27, 2014
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