The minimum acceptable standard for a FHA loan is 640 FICO score. Beware of any lender offering you financing with a credit score lower than that. Rest assure you will receive undesirable terms and it will be an expenisve for loan Work on improving your credit first.
Janet Nation, CBR
Sailing Home Realty
Licensed Real Estate Salesperson
It all depends on how bad your credit is. I would suggest you visit the FHA website for all the particulars on what you could qualify for. Here is a direct link:
Best of luck with your future purchase. Let me know if I can be of any further assistance.
While I am not a mortgage specialist I have heard that an average score of at least 640 is the usual minimum score many lenders will work with. A mortgage specialist from SEFCU did make a couple points about what to do or not do during the application acceptance to closing period. Do make at least your minimum payments on time. Do not close credit accounts. Do not open credit accounts. Do continue with your regular/typical spending habits. Do not make large or out of the ordinary purchases. For particular FHA guidelines that would apply in your situation please contact me and I will refer you to 3 lenders to help you.