Home Buying in Oklahoma City>Question Details

Ryan, Home Buyer in Oklahoma

Is it possible to get a FHA loan with a 587 credit score? My fiancée scores a 683, but doesn't make much money.

Asked by Ryan, Oklahoma Mon Jul 22, 2013

Is there still such a thing as a "first time home buyers program" or any kind of down payment assistance programs?

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8
The Lenders Network gets 50+ clients with scores between a 580-620 score closed on loans each month. It's possible and happens everyday..
2 votes Thank Flag Link Fri Jan 31, 2014
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
brian.nguyen@nafinc.com
0 votes Thank Flag Link Thu May 8, 2014
Ryan,

There are lenders out there that will lend with a 580 credit score or at least that is what they say. I have not experienced a loan with a score that low auctually going through and closing. Just being honest. To qualify for first time home buyer programs, etc you will need a 640 fico score. There are somethings you can do to get your score up honestly it doesn't sound like your that far away. Please feel free to contact me I would be glad to help you.
0 votes Thank Flag Link Fri Sep 6, 2013
Ryan,

There are lenders out there that will lend with a 580 credit score or at least that is what they say. I have not experienced a loan with a score that low auctually going through and closing. Just being honest. To qualify for first time home buyer programs, etc you will need a 640 fico score. There are somethings you can do to get your score up honestly it doesn't sound like your that far away. Please feel free to contact me I would be glad to help you.
0 votes Thank Flag Link Fri Sep 6, 2013
Good morning Ryan:

Yes I do have a lender that can help you with a 587 credit score however it would be easier for your fiance to get approved with you as a signer to help with the debt to income ratio and also she would qualify for down payment assistance, and then i can ask the seller to pay your closing cost so you would have a very small out of pocket exspense:

Call or email me for further details:

Thank You
John Phillips
Re/Max Preferred Properties
405 413 0791
jphillips81@cox.net
0 votes Thank Flag Link Tue Jul 23, 2013
Ryan,
I know of a lender that offers an FHA Choice program that offers an FHA home loan for credit scores between 500 and 640 with:
3.5% down payment,
2 months of reserves of house payment amount,
12 months in the same line of work for the borrower/6 months for the co-borrower,
verifiable 12 months of rental history,
attend a HUD approved homeownership class,
and explain all collections (if any).

Contact me if you would like more information.

Sherine Price
Dove Realty
405-306-7770
SherinePrice@gmail.com
http://www.GroovyOKC.com
0 votes Thank Flag Link Tue Jul 23, 2013
Call Kurt Swink or Donny White at 405-722-5626. Kurt owns Financial Concepts Mortgage and Donny is the manager.

Tell them Josh sent you.
0 votes Thank Flag Link Tue Jul 23, 2013
I've heard a 620 is the minimum but there are those who will say you can get a loan at 587 but if you can, I bet the rate and fees are very high. The primary earner will need the higher score but you aren't that far off so I bet you can raise your score to 620. Find a local lender you can set down with and work out a plan to get the score up!

Good Luck!!!!

Russell Benson, REALTOR®
Prudential Alliance Realty
0 votes Thank Flag Link Mon Jul 22, 2013
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