Home Buying in Lake Elsinore>Question Details

Brandinicholl, Home Buyer in Lake Elsinore, CA

can i get pre approved for a fha mortgage loan with a 550 fico score?

Asked by Brandinicholl, Lake Elsinore, CA Mon Jun 22, 2009

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5
Hopefully, you have repaired your credit by now but if you still need advice or for anyone else reading this public forum regarding credit scores, here is an updated answer.

Before purchasing a home it is very important to clear up any past credit issues and get your scores as high as possible.

You will have a lower interest rate and your whole loan experience will be judged less harshly by the loan underwriter if your credit scores are up as high as possible.

Every borrower has different credit issues and speaking to a credit counselor or a mortgage professional who will give you a free consultation and advice is the best thing to do.

Here is a list of Department of Real Estate, "Approved", professionals who can help you out!


http://www.justice.gov/ust/eo/bapcpa/ccde/cc_approved.htm

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Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Wed Jan 27, 2010
You need a 620 fico score but some lender will work with you while the process of the purchase by you subscribing to e-credit advisor.com. Your need to find out whether or not your lender and the selling side it is willing to accept it.
Web Reference: http://www.eperez@kw.com
0 votes Thank Flag Link Sun Sep 13, 2009
I would suggest you contact Debbie Burt at BofA at 714.803.6298. She's the best! I also work in your area and can help you find something...but you're right on the mark...you need pre-approval first. Also, with FHA, you can have a co-borrower who does not live in the home perhaps help you out, and/or receive gift funds.
Feel free to call if you'd like to discuss this.
Bonnie Scribner, REALTOR
Century 21 Discovery
c 714.296.0513
0 votes Thank Flag Link Mon Jun 22, 2009
Brandinicholl,

The best thing to do is to get your FICO score up to 620 - I recomend running your credit and work on the items that are bringing your FICO score down. Often times you can paydown your balances and remove any incorrect data to improve your score.
May want to do a rapid rescore to improve your score quickly.
0 votes Thank Flag Link Mon Jun 22, 2009
you really need a minimum 620 although there are some lenders who can do a 580-585.
0 votes Thank Flag Link Mon Jun 22, 2009
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