Home Buying in Bakersfield>Question Details

riddlezz1, Home Buyer in Bakersfield, CA

FHA recently lowered the FICO score to what ? what is the lowest requirement?

Asked by riddlezz1, Bakersfield, CA Wed Jun 13, 2012

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Your best option is to contact a mortgage company or loan officer. If you don't know of anyone, I would be happy to refer you. Believe me when I say they will be able to tell you whether or not you are in a position to buy a house. If not, they will advise you on what you have to do to become in a position to buy a house and how soon that might be if you follow what they say. I would do this as soon as possible.
0 votes Thank Flag Link Wed Jun 13, 2012
There are ways to get a FHA loan with less than a 620 score but it is a real pain. It's best to see if you can work on your score and get it to at least 620.
0 votes Thank Flag Link Wed Jun 13, 2012
There are a few loan programs that will approve you at 620 but the majority have a 640 rule. The credit requirements for FHA are not just about your FICO score. You also have to meet the debt to income ratio requirements, you have to have a steady job for at least 2 years, no bankruptcy for 2 years and no short sale or foreclosure for the past 3 years.
I would suggest you speak with a lender to ask all your questions. They can give you much more detailed answers and talk to you about loan programs that will fit your needs.
You can speak with someone at your own bank by asking to speak to a loan officer, or you can call the lender I do a lot of work with. Her name is Cherie Bowen at Academy Mortgage. Her number is 343-1068. If she doesn't answer, leave her a message and she'll call you back and get you started.

Good luck!
Valerie
0 votes Thank Flag Link Wed Jun 13, 2012
I received an email on 6/12/13 from Gold Star Financial that said "California FHA Home Loans Down to 580 FICO". I have not verified this information. I have contact information if you want to give me a call.
0 votes Thank Flag Link Wed Jun 13, 2012
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