Home Buying in Saginaw>Question Details

Shelbyd, Home Buyer in Saginaw, MI

Is there any banks that will give out FHA loans for people with a credit score lower than 620?

Asked by Shelbyd, Saginaw, MI Tue Mar 1, 2011

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Tom Webb’s answer
Wells Fargo has a new program that starts at a 500 credit score. The down payment amount is tied to the credit score, so the lower the score plan on a larger down payment. Check out the details at wellsfargo.com.
1 vote Thank Flag Link Tue Mar 1, 2011
I am a Mortgage Broker not a bank but, I deal with several lenders that will loan to borrowers with scores below 620, I have one lender that will go to 580. The down payments for these lenders is the standard 3.5% FHA requirement. I would be more than happy to assist you with this process if you would be interested.

Jim McDonald
0 votes Thank Flag Link Wed Mar 2, 2011
Also, the Wells Fargo Loan will require a larger down payment. That is key, if you have the down payment you may be on your way!
0 votes Thank Flag Link Tue Mar 1, 2011
Yes!! Wells Fargo for one. Of course loan is also tied into your ability to repay (a job!)
0 votes Thank Flag Link Tue Mar 1, 2011
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