Betty, Home Buyer in Saint Paul, MN

Does anyone know if I can get a FHA home loan w/ a credit score of 596 and total gross income of 2500 and for a home purchase of 120K and under?

Asked by Betty, Saint Paul, MN Fri Mar 12, 2010

I am also a first-time home buyer.

Help the community by answering this question:


I would have to agree with everyone on this I specialize in 1st time homebuyers, and thus have had to deal with FHA as they tightened up the standards. I do know someone that can do 600, but honestly working up to 640 is going to be ideal.

My best advice for you is to find a lender who can do "rapid rescore". Basically there are lenders who will tell you to do something to get your credit score up and then not speak with you for 3months. That is a long time, and quite frankly I have not had very good success with it.

Rapid Rescore is when a lender runs your credit profile through an automated system that pinpoints EXACATLY step by step what you need to do (will tell you the exact balance to carry on a credit card for example) in order to get your credit score up in just 30 days versus 90days.

I have seen it jump 50 points before, but even if it takes you longer than 30days the results will be more effective. That is who you want to find.

If you want a referral just contact me directly through Trulia.

1 vote Thank Flag Link Tue Jul 31, 2012
You need a credit score of 620 to qualify for FHA, but I have also heard of lenders going as low as 600 but I think it depends on the program and down payment. Good luck in your home ownership journey!
0 votes Thank Flag Link Sun Jul 22, 2012
Betty as much as we'd like to give you answers, there are many more factors that the lender considers. If you like try calling Ms Jill Lewis at 612-865-0940 or email her at I have worked with her for many years and she will give you a straight answer. Others you can call as well Troy Rian with Minnesota Financial or Terry Haugh with Homes Savings of America 507-210-9032. If I can help further, just call me at 651-226-3929 or email me at . Best of Luck!
0 votes Thank Flag Link Fri Mar 12, 2010
Betty....Lenders do differ in the minimum credit scores they require for FHA loans as each has to cater to its own investors. Wells Fargo, for example, will consider you with a middle score down to 600 if we can get automated underwriting approval. So there may be some things you can do to increase your scores a few points, since you are so close to that level now.....So the key is to find a good loan officer in your area that is willing to guide you in the right direction.....Try a local Wells Fargo office....Good luck..
0 votes Thank Flag Link Fri Mar 12, 2010
Talk to a good lender/mortgage broker. You might have a better shot at a small local bank. But, these questions are better answered by someone whose specialty is mortgages.
0 votes Thank Flag Link Fri Mar 12, 2010
Betty, contact a loan officer on this.
0 votes Thank Flag Link Fri Mar 12, 2010
Not knowing all your financials/assets--your best source of information is from any qualified loan officer(s), therefore consider a consultation-- see excatly what your budget can handle and check your credit score again--he/she may offer tips on to best improve your score in the fastest time--Currently FHA loans do require a minimum credit score of 620 and 3.5% down, there may be some lenders that will allow a lower score but the interest rate might be higher and may require a larger downpayment--in the mean time do work on improving your credit--pay off old debt, pay down all debt, dispute negatives, keep credit cards below 50%, etc.
0 votes Thank Flag Link Fri Mar 12, 2010
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