Home Buying in Bensalem>Question Details

Trav, Home Buyer in Bensalem, PA

can a fair credit get you a FHA loan?

Asked by Trav, Bensalem, PA Sat Jun 4, 2011

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Hello Trav,

I know Wells Fargo has a program for person(s) with a 500 credit score or above but it will require a large down payment.

Good luck
0 votes Thank Flag Link Sun Jun 5, 2011
Hi, it depends on what you are considering fair credit. FHA was originated with the credit challenged in mind. I would contact an FHA specialist and find out your options.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
0 votes Thank Flag Link Sun Jun 5, 2011
You will need a mortgage lender to obtain your tri-merged credit report. This should generate 3 credit scores, one from each of the three major credit bureaus. Mortgage companies use the middle score as the factor to determine eligibility for their mortgage programs, and it can also affect the rate they will offer. If you meet the minimum credit score set by the lender for that program, that does not mean you are approved, since there are a number of other factors that need to be evaluated - credit history, debt to income ratios, available assets for downpayment and closing costs, income stability, etc. You absolutely need to start with the credit report from a lender.
If your credit score does not reach the minimum credit score for that program, there are credit repair companies that can help to improve your credit score.
Call me if you would like to go through a prequalification.
Ed Fallon, MBA NMLS#144708
Gateway Funding
0 votes Thank Flag Link Sun Jun 5, 2011
With a 500 - 579 score you can with 10% down; with a 580 and up, you can with 3.5% down. That just accounts for the scores, the rest of the credit profile will also have to meet qualifications as well as income employment, etc.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Sat Jun 4, 2011
Yes, we can lend down to 580 credit scores in some cases with FHA financing. We are a Federally Charted Bank that lends in all 50 states. Please call or email me with additional questions or if you would like to be pre qualified.

Paul Deibler
Home Savings of America
443-343-0400 ext 150
Web Reference: http://www.My-hsoa.com
0 votes Thank Flag Link Sat Jun 4, 2011
What is on your credit that makes you believe your credit is fair? Have you checked your credit scores?
0 votes Thank Flag Link Sat Jun 4, 2011
That depends on your definition of
0 votes Thank Flag Link Sat Jun 4, 2011
That all depends on your definition of fair. 650+ is a good enough score but there of other factors. If you speak with a direct mortgage lender he can prequalify and tell you for sure based on your specific circumstances. I'd suggest call Al Colacello 6098412259 at first american mortgage.
0 votes Thank Flag Link Sat Jun 4, 2011
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