Home Buying in Gardner>Question Details

Kansas Resid…, Renter in Olathe, KS

Husband has credit score of 646, mine is 601. Want to get a fha loan.Can we qualify for an fha loan? We do have 3.5% down. Help.

Asked by Kansas Resident, Olathe, KS Mon Oct 1, 2012

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Andrea Gomez’s answer
Yes you can get approved with a 600! You probably don't need to get your scores up anymore. There are a few Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either.
0 votes Thank Flag Link Fri Aug 16, 2013
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
0 votes Thank Flag Link Tue May 13, 2014
Initially, I have to answer your question with a question. What is the source of the credit scores you listed and where do they rank in regards to your credit scores from the remaining two credit bureaus?

Two points here...

First, there are many online companies proclaiming that they can give you your FICO score. Make sure you are getting the one that lenders use for decision-making; there are many pretenders out there, so I only recommend annualcreditreport.com to my clients IF they intend to pull their own credit.

Second, most lenders will make a lending decision based on ALL of your scores from the three major credit bureaus. In most cases, two of the three scores must meet the lender's minimum standards for them to consider extending the loan.

Give me a call if I can connect you to any credit or lending professionals. I am happy to help in any way I can. I also wrote a short article entitled, "What You Need to Know about Maintaining a Healthy Credit Score." It is very useful for understanding how the U.S. Credit bureaus calculate your score. Let me know if I can send you a copy!

Wishing you all the best,

Dwight Goodwin

P.S. Via annualcreditreport.com, you can obtain your credit report free of charge from each of the three credit bureaus - Experian, Equifax and TransUnion - once a year. Although the report itself is free, you will have to pay to receive your credit scores.
0 votes Thank Flag Link Thu Jan 24, 2013
I would call either US Bank or Community America

they can approve with 600+ credit scores
0 votes Thank Flag Link Thu Oct 4, 2012
You need to speak to a mortgage originator to see if you qualify for a mortgage if you do how much.
0 votes Thank Flag Link Thu Oct 4, 2012
Kansas Resident, Renter, Olathe, KS

Also, most of the USDA for Gardner is gone, just a few limited areas of Gardner are available now as of Sept 31st

Hi Kansas Resident,

That's actually not true. USDA is not changing anything until March 27th 2013.
See my blog post here on Trulia by clicking the link below.

0 votes Thank Flag Link Thu Oct 4, 2012
Hi Kansas Resident,

Most of Gardner is eligible for the no money down USDA mortgage but you need at least a 620 middle credit score for it. You're not that far off and it may be something that can be "fixed" in a matter of 2-3 days with rapid re-scoring.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
0 votes Thank Flag Link Mon Oct 1, 2012
Also, most of the USDA for Gardner is gone, just a few limited areas of Gardner are available now as of Sept 31st
Flag Mon Oct 1, 2012
Have worked recently with someone on our credit. We have excellent credit, just closed alot of credit cards after paying them off, that is what brought our scores down.

Can we get a USDA Loan with these scores? If not, can we get FHA with these scores? Use both or just husbands scores and both income? Just trying to get out of renting. Paying 900 a month now for rent!
Flag Mon Oct 1, 2012
Yes - you should be able to get qualified providing there aren't unpaid collections etc on your credit. Would you like me to get you with a lender who can do loans at 600+ credit score?

email me at angela@shopwithshopper.com

or call me at 913-707-6884 and we can get you squared away and start looking for houses!

Angela Shopper
0 votes Thank Flag Link Mon Oct 1, 2012
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