Home Buying in Durham>Question Details

Akerathediva, Home Buyer in Buford, GA

FHA loan question

Asked by Akerathediva, Buford, GA Tue Mar 12, 2013

My middle score is a 580, I work and so does my husband. I was wondering if its possible for me to get a FHA or some home loan.

Help the community by answering this question:


Even if someone is willing to lend you money with a score that low it may not be in your best interest. Credit scores are nothing more than a number that represents the probability an individual will repay the debt as agreed, the lower the score the less likely they will make the payments in a timely manner. How bad of a bet are you willing to make against yourself?

I would fix whatever issue is causing my score to be that low before trying to take on more debt, you can’t borrow your way out of debt.

Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
1 vote Thank Flag Link Tue Mar 12, 2013
Manual Underwriting on Loans with Decision Credit Scores below 620 & DTI Ratios over 43 Percent

TOTAL Version 3.2 automated underwriting system (AUS) changes will be installed Saturday evening, March 30th and includes two new review rules listed in the table below. If a loan transaction meets the criteria listed below, the loan will receive a Refer from TOTAL and will require manual underwriting. Please note that some AUS vendors may not have messaging installed in time for this release so a Refer may be received under these circumstances without a corresponding message.

Review Rule 14; Trigger Criteria - the FICO score is less than 620 AND the Back-End Ratio (DTI) is greater than 43. (Score used is the lowest FICO of all borrowers’ median FICO scores. Includes all borrowers with a score)
Review Rule 15; Trigger Criteria - Required Investment is less than zero and the loan is a purchase transaction.
0 votes Thank Flag Link Fri Apr 12, 2013
As noted the credit score may be an issue. Both you and your husband's score would be reviewed to utilize both incomes.

I have a lender contact who has the ability to examine your credit scores and guide you in improving the score sometimes in as little as 60 days depending upon the variables that may be involved.

I would be happy to visit with you further to work with you and a lender in meeting your goals.


Ken Rhoads
Carolina Realty Brokers
0 votes Thank Flag Link Tue Mar 12, 2013
Typically lenders are looking for a minimum score of 620 but there may be an option thru a program like NACA (https://www.naca.com/nacaWeb/index_main.aspx).

Jeremy Pierce
Keller Williams Cary
0 votes Thank Flag Link Tue Mar 12, 2013
Where are you planning to buy? We are licensed to originate loans in AL, AR, GA, IN, LA, OK, SC, TN & TX. Our FHA loan requires a middle credit score of 580 and 3.5% down.

Feel free to apply online at http://www.rhlapps.com/kjones or give me a call.

K.C. Jones
RH Lending
0 votes Thank Flag Link Tue Mar 12, 2013
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