Home Buying in Las Vegas>Question Details

Denise, Home Buyer in Las Vegas, NV

What FHA interest rate will I qualify for with a credit score of 580 for a first time home buyer?

Asked by Denise, Las Vegas, NV Thu Aug 27, 2009

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Denise-
You do NOT need a 620 score to qualify for an FHA loan. Bank of America Home Loans does not have a minimum credit score for an FHA approval. We are one of the only national banks I know of that does not.

As for rate, another great thing is that we do not have any significant pricing adjustments for FHA rates. Meaning that you essentially get the same rate at a 580 as you would at a 780.

30-year fixed rate today = 5.25-5.5%
No Points
No Origination
$550 Lender Fee

Feel free to call me if you have any questions.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes Thank Flag Link Fri Aug 28, 2009
I have to agree with Heather. I know some lenders that work with buyers that have a credit score that low. Each scenario is different and you may have to jump through some hoops to qualify.

Terrie Haynes
Broker-Salesperson
Sellstate NRES
702-235-9690
thaynes@sellstatenres.com
http://www.thaynes.sellstatelasvegas.com
0 votes Thank Flag Link Thu Aug 27, 2009
The true answer is you won't qualify. Federal Housing Administration does not impose credit score limitations, but they do not prohibit lenders from doing so. You will not find a lender who will accept less than a 620 because the servicing rights for your mortgage must be capable or being sold on the secondary market. They use the credit score to determine ability to repay the loan and assess risk. In the case of a 580 I wouldn't worry about rate first and foremost. I would worry about repairing and reestablishing your credit. If you want a lender who can assist you with both then give me a call.

Devan Reaves - Mortgage Consultant
North American Financial
O: (702) 407-9335
F: (702) 407-0035
Cell: (702) 624-3993
DReaves@nafloans.com
Devan.L.Reaves@gmail.com
0 votes Thank Flag Link Thu Aug 27, 2009
Denise,

I want to agree with the first two posters that generally you need a 620 FICO to qualify for a FHA mortgage




Sean
0 votes Thank Flag Link Thu Aug 27, 2009
Actually Denise, I have a lender who may be able to get you financed with FHA even with a 580 credit score. Give me a call or drop me an email and I'll connect you with my business partner that can do this for you.

Heather Peck
Rosen & Company West
702-595-7380
LasVegasExpert@yahoo.com
http://www.HeatherSellsVegas.com
0 votes Thank Flag Link Thu Aug 27, 2009
A MINIMUM FICO SCORE OF 620 IS MANDATORY TO QUALIFY FOR A FHA LOAN....I'VE HAD TWO DEALS GO SOUTH BECAUSE OF LOW FICO'S
0 votes Thank Flag Link Thu Aug 27, 2009
Unfortunately, from my understanding you need to have a minimum of a 620 Fico score to qualify. Unless there are other lenders that might be able to qualify you with a lower credit score. You can pre-qualify with my lender:
Guy Sheets
Cornerstone Home Lending
http://www.Guy4HouseLoan.com
702*521*6350 Tell him Felipe sent you.
Good luck
0 votes Thank Flag Link Thu Aug 27, 2009
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