Home Buying in San Antonio>Question Details

Dane, Other/Just Looking in San Antonio, TX

If your credit score is 579, what are the chances of getting a FHA loan? Or any kind of assistance in getting into a home?

Asked by Dane, San Antonio, TX Tue Sep 7, 2010

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Sub 620 Interest Rates aren't as good as the rest.

Try to get over that 620 hump.... <= Best for you as opposed to best for a salesperson trying to sell you a house.
0 votes Thank Flag Link Tue Sep 7, 2010
I have a program that will help you overcome that problem and get you qualified for a standard FHA loan. Give me a call so I can ask you some questions and explain.

Gordon Deering
0 votes Thank Flag Link Tue Sep 7, 2010
Hi Dane!

Yes, with a 579 credit score you can get an FHA loan. There are some variables, but it is indeed possible. Contact me at Priscilla@AllenRealtyGroup.com (Priscilla Allen) and I will get you with a loan officer that can do this for you.

Stay off the rainy street and be safe!
0 votes Thank Flag Link Tue Sep 7, 2010
You may have some options or at least put yourself in a position to have options in the months ahead. It would be best to speak with a broker or banker who can look at your entire situation. As a Mortgage Broker and Realtor I work with several lenders that will go down as low as 580. Now when your scores are that low there are a lot of stipulations and most will not qualify. There are many down payment assistance programs here in the Austin area (and San Antonio) and your credit score does not affect being able to qualify for those programs.

What you need to do is get with a lender who will actually take the time to coach you and help you get where you need to be. Start making the right decisions now and you may be able to buy a home before you know it.

Good luck to you.
0 votes Thank Flag Link Tue Sep 7, 2010

Obviously the majority of answer here reflect what I normally hear which is a min MEDIAN score allowed of 620 for FHA. however, are you most certain that FHA financing is the only financing you are looking for?

Is it because of a lack of higher down payment (3.5% for FHA where as conventional typically wants 5% if not 10% for owner occupied)? What is the biggest factor that you are concerned about in getting financed? There are still some "non-traditional" financing out there, but it will certainly cost you more in interest and may be a little more difficult to understand, but there is certainly other financing out there.

Perhaps if you speak with a Real Estate professional and let them know what area and price range you're looking for; there are other alternatives out there for you.

God bless,

Web Reference: http://www.eXposedHomes.com
0 votes Thank Flag Link Tue Sep 7, 2010
Lowest is 620 credit score.. so pay your bills on time , reduce your debt owed NEVER close an account your scores will increase.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Tue Sep 7, 2010
There are lenders available that will do a 580 credit score for FHA. There are certain criteria that must be met first, for example, no late payments in the last 12 months. I would recommend talking to a few lenders to see which have the capability to do such loans. If you would like, contact me directly and I'll lead you in the right direction.
0 votes Thank Flag Link Tue Sep 7, 2010
Hi Dane,

You will need a 620 with pretty much any lender. From a 580 it shouldn't take you too long to get there. First thing is go to http://www.annualcreditreport.com and get your 3 free credit reports (with no other obligation). Make sure there are no errors and if so, dispute them right online. Should be able to be resolved in 30-60 days. If you just have a lack of credit, you may want to get a secured credit card (i.e. through your bank) and that can boost your scores in a fairly short amount of time. Go to: http://money.cnn.com/galleries/2007/pf/0705/gallery.credit_s… to see how credit scores work. If you have any other questions please don't hesitate to call me directly. I'm here to help.

Justin Werner, ABR, CDPE
Accredited Buyer Representative
Certified Distressed Property Expert
RE/MAX Exclusive
0 votes Thank Flag Link Tue Sep 7, 2010
FHA Loans have more flexibility when it comes to credit scores than conventional loans. However, the other factors will be income. I would talk to an agnet you trust and know who can direct you to a FHA Approved Lender who can help you look into all the necessary avenues. If you need me to refer you to an agent in San Antonio I would be more than happy.

Below is a link to the governments FHA Loan guides.

Good Luck!

Tiffany Copland
The Copland Team

Web Reference: http://www.CoplandTeam.com
0 votes Thank Flag Link Tue Sep 7, 2010
Pretty low.

Most lenders want a 620+

Here is a book about credit. Maybe you can clean a couple of things up quick and get over that 620 hump.

Let me know if you have any questions.
0 votes Thank Flag Link Tue Sep 7, 2010
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