Home Buying in Southfield>Question Details

mrstracibell, Renter in Southfield, MI

Would I qualify for a FHA loan? Credit score bet 580-600, no repos, foreclosures, but has a default loan and a tax lein from 2006.

Asked by mrstracibell, Southfield, MI Wed Aug 21, 2013

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4
Yes.. FHA requires a 580 credit score even though a lot of Lenders require a 640, you can still find some willing to go down to 580.. The Lenders Network is a good place to start they will refer you to a Lender to help you..

Good luck
1 vote Thank Flag Link Sat Sep 28, 2013
I think it is possible to qualify but it will be hard and your may not get the best rates. Most lenders may want a minimum credit score of 620, but some may go as low as 580 and others may go as high as 680. You just have to shop around and find lenders that are willing to work with what you have. I would recommend though to raise your credit score, it will only be to your future benefit. The most effective fixing your credit score is to pay your revolving credit card balance and debt. If there is a collection on your credit there isn't much that can be done in the short run. It is best to pay back any collections as soon as possible. So as time goes on the collection will become more insignificant to your credit score and will help it return to a better score.

I hope this helps! If you found my comment helpful, feel free to leave a recommendation on my page.

Good Luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes Thank Flag Link Mon Feb 24, 2014
Yes. please any help would be helpful. I am interested
0 votes Thank Flag Link Fri Sep 27, 2013
Hello, Click contact underneath my picture and I will forward the information you requested to you. Thank you for your interest.
Flag Fri Sep 27, 2013
Hello,
Your best bet is to talk to a good loan officer and I can recommend a couple really good lenders if you are interested. Please feel free to contact me for their contact info and any other questions I can help you with.
0 votes Thank Flag Link Thu Sep 26, 2013
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