Home Buying in Las Vegas>Question Details

Brenda Correa, Home Buyer in Las Vegas, NV

Can you get an FHA Loan with low scores?

Asked by Brenda Correa, Las Vegas, NV Tue May 7, 2013

My husband and I are planning on purchasing our first home, at first I had no credit and he had horrible credit. Our scores are 616/634/600 and 0/656/643. I read somewhere that you need to have a minimum of 600 to apply for an FHA, correct me if I'm wrong, we are working with a loan officer and I like him but I feel like he's giving us the run around. We're looking to purchase a home as soon as possible since prices are going up.

Help the community by answering this question:


The lower your score the higher the interest rate. Sounds like you have some collection problems on your credit report.

David Cooper Investing in Las Vegas since 1994
0 votes Thank Flag Link Tue May 7, 2013
Do you want to give me a call and we can discuss a little further. Some lenders can go down below 620 score but it depends on the scenario.

702-800-5077 Rey Gallegos
0 votes Thank Flag Link Tue May 7, 2013
Hi Brenda
I have a direct lender with inhouse financing that will finance FHA with 620 score.
I just helped two buyers that were seeking help on Trulia with the same scores as yours and they were both approved for FHA loans with vey low interest rates and bought houses.

For more information call me at 702-612-7099

Rena Levy
Web Reference: http://www.cvegashomes.com
0 votes Thank Flag Link Tue May 7, 2013
Please call me right now and I'll put you with the best in the business. Matt 501.0973
0 votes Thank Flag Link Tue May 7, 2013
I am a Mortgage Banker and I could give you the answer you are looking for. FHA gives loans with FICO's lower than 580 but banks have a minimum score for them to do the loan. For example my bank at SWBC ask for 640 mid scores for your husband and you’re self. SO if you were my client I will work on both credits with simple advise to increase them to mid 640. Some other banks ask for higher scores to protect them form risk and some will take extra risk with scores lower than 640 but the interest rate will be a little bit higher for the risk (like from 3.250% to 3.75% its just an example). If I was you I will try to see if your banker could give you advise in how to increase both mid scores to 640 because some of the loans done with scores under 640 don’t close because the underwriter will ask for other misc to decrease the risk. If need my help feel free to call me at 424-2361655.

Good luck
Gabino Barrera
0 votes Thank Flag Link Tue May 7, 2013
Thanks, that's really useful information and gives me a better idea. I will contact my bank.
Flag Tue May 7, 2013
Hi Brenda,

As far as the Fico score goes it varies from lender to lender and even more so if your dealing directly with a Bank like Bank of America or Wells Fargo.

Most lenders go off your middle Fico score, and there are other factors to consider on your credit. Like if you have any collections or derogatory credit issues. You may need a 620 fico score for a FHA loan.

I have a lender that helps me and my clients that have a little harder time getting qualified. Contact me if your interested? We can get started right away.

Best Regards,

Chris Harrison
Barrett & Co. Realty
702.592.9510 ph
0 votes Thank Flag Link Tue May 7, 2013
We do have a few derogatory marks, we have a few medical bills, a few collection accounts, the collection accounts have been paid off, except for the medical. My husband had an old BofA Credit card that I settled for less than the amount owed about 1 year or 2 ago and it has been closed out. The thing that stands out the most is an apartment complex that we leased when we were younger, we broke the lease and it's on our report, we have been making payments on it since February because that's what we were advised by the loan officer we are currently working with. We were thinking about opening another credit card to get our scores up more. We just want to buy within the next 2 months before house prices go up even more.
Flag Tue May 7, 2013
We go down to a 620 credit score for our FHA financing.
0 votes Thank Flag Link Tue May 7, 2013
My husband's credit is good to go, the loan officer already advised me of that. The problem is mine now. I asked if the loan could be under his name alone and have him use me as additional income but he said that would not work, the loan would have to be under both our names, correct?
Flag Tue May 7, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer