There's no hard and fast rules about credit scores. Find a good lender and they will guide you through the process! What you describe might work, you won't know until you try!

If the first lender says no, try a few others. Different ones have different policies and resources. Don't take no the first time around.

Okay, I don't want to sound perturbed, but will people STOP saying that buyers need a 620 or above score to get a loan. This is NOT true. I probably qualify 2-3 loans per week from buyers like yourself who find me on Trulia. Yes, the simple answer is that your scores ARE good enough to qualify for an FHA loan. I can't guarantee you an approval but just know that your scores will not hinder you. I do not need a minimum credit score to qualify an FHA loan. However, I will say that your income of $2,375/month will probably only allow you to carry a monthly payment of around $800, which includes taxes and insurance - not much for Illinois.

I would welcome the opportunity to speak with you at greater length and help you get approved. Please feel free to contact me anytime.

Have a great day
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com

620 is what you need, but I have a lender, Niki Igel, 630-854-7434, who will work with you and help you get qualified for those FHA loans. Just tell her Carmen from ReMax referred you. She will tell you what to do, and if you do what she says, you WILL qualify ASAP! SHe is GOOD! She does not charge to do that either, which is even better! It sounds like you are very close. I have a listing in Park Forest that is very nice, 21 Rocket Circle. It is move in conditon. Check out the virtual tour on my website, http://www.CarmensHomes.com. It has 3 bedrooms and 1 and 1/2 baths. It is not a foreclosure and does not need a FHA 203 K loan. Give Niki a call and I promise you won't be sorry! If you are not working with a Realtor, I can help you. However, the first step is getting qualified!

I've read 620. You could get that up to 620 in no time...