Home Buying in Atlanta>Question Details

Shorty,  in Atlanta, GA

husband credit score is 612, can he get FHA loan? has steady job/good income, and lots of savings. Should he go to bank or mortgage broker?

Asked by Shorty, Atlanta, GA Fri May 13, 2011

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13
FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
1 vote Thank Flag Link Tue Jul 16, 2013
Try Wells Fargo they are able to do scores lower than most.
1 vote Thank Flag Link Fri May 13, 2011
Hi Shorty,

Looks like you've received a good response to a portion of your question, but you also wanted to know if your husband should work with a bank or mortgage broker. I recommend a local direct mortgage lender.

Mr. Cundiff (below) also asked a good question about the reason for the lower scores, a conversation that really should be held offline. Experienced local agents, however, should be able to respectfully listen and learn about your general situation and then provide a list of direct local lenders who have worked with others like your husband and you.

Finally, you mention that you have lots of savings. That's wonderful! You should still find out about the various local home buying classes designed to teach first time home buyers all about the home buying process, including the requirements for an FHA, VA, USDA or other mortgage products that require little to no money down.

I'd welcome the opportunity to speak with you. When time permits, will you please call me at (678) 775-2677?

Thanks
Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
0 votes Thank Flag Link Sat May 14, 2011
Good Evening,
I firmly agree with the answers given.
My office has several listings that are owned by Wells Fargo and my experience with them has been more than pleasurable. I would love to assist you and your husband in your search for a new home.

Yvonne M. Townes
Neo-Realty.com
ymtownes@hotmail.com
0 votes Thank Flag Link Fri May 13, 2011
Wells Fargo is the best choice for you; I can give you a great mortgage there. Also, give me a call so we can talk further your future home. Regina Ambrose, Chapman Hall Realtors 678-613-5636
0 votes Thank Flag Link Fri May 13, 2011
Wells Fargo has a program.

Please click on link: http://www.structuredfinancenews.com/news/-216381-1.html

Wells Fargo has dramatically lowered credit score requirements for Federal Housing Administration (FHA) mortgages, the first major lender to do so following pressure from the agency and housing advocates.

Last month, Wells began accepting applications in its retail branches for FHA loans from borrowers with FICO scores as low as 500. Previously, it required a score of at least 600 for retail FHA borrowers. The minimum FICO score remains 640 at the company's wholesale and correspondent channels.
0 votes Thank Flag Link Fri May 13, 2011
Good afternoon Shorty,

I agree with everyone. He can qualify for an FHA. Keep in mind, what he lacks in credit score can be made up with a substantial down payment. In this economy, cash is "KING". You want to do business with your bank or credit union if you have a good relationship with your banker. Otherwise, you do have other options such as a mortgage broker, etc.

Give me a call (404) 944-7352, let me guide you through the process to get the most for your money.

Corliss Igbonagwam
RRG of Atlanta
(404) 944-7352
0 votes Thank Flag Link Fri May 13, 2011
I work with an excellent Mortgage Lender at Wells Fargo that could help you. Please email me or call me to get her contact information. My contact information is on Trulia.com

Have a Wonderful Day,

Rick Payne
Keller williams Realty
678-427-5512
0 votes Thank Flag Link Fri May 13, 2011
Sure. And fast.

Call me. No time wasting or complexities.

Aaron Mtuanwi
678-499-6065
0 votes Thank Flag Link Fri May 13, 2011
Shorty,

If the FICO is above 600, most lenders can do an FHA loan with good income and assets.

The real question is… What factors have been keeping the credit score that low?

Has there been derogatory credit in the last 24 months? Is there significant derogatory credit information in his past? Has there ever been a bankruptcy, foreclosure, collections, judgments, tax liens, or repossessions? How about late payments?

These are the major determining factors on credit that apply for a borrower with a score in the 600-640 FICO range.

Let me know if you have any questions, and I would be happy to help!

Thank you,

Jonathan Cundiff
Mortgage Consultant
NMLSR ID 448285
Wells Fargo Home Mortgage
464 Cherokee Ave Se
Atlanta, GA 30312
MAC M2166-021
Tel (404) 610-1011
Fax (877) 302-9968

Jonathan.R.Cundiff@wellsfargo.com
0 votes Thank Flag Link Fri May 13, 2011
Hi Shorty,

Yes, there are lenders who will accept scores below 620.

A mortgage broker will have multiple lenders and banks to work with and therefore more options for you.

Best regards,

Elva Wormley
Cobalt Financial Corporation
0 votes Thank Flag Link Fri May 13, 2011
Prospect Mortgage is one of the few mortgage companies currnetly offering FHA loans to borrowers with 580-639 FICO scores. Most other lenders currently require 640+ scores for FHA mortgages. He can apply online at http://www.rodneymason.com.

Regards,
Rodney Mason
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Prospect Mortgage
Atlanta, GA
(404) 591-2453
NMLS #151088
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Fri May 13, 2011
Good Afternoon!

Prospect Mortgage can go down to a 580 on FHA. Call/Email if you want to discuss.

We are a direct lender.

Thanks,
Paul

Paul Hart
Prospect Mortgage
600 Galleria Pkwy, Suite 170
Atlanta, GA 30339
Cell: 404•444•4003
Fax: 877•701•4063
Email: Paul.Hart@prospectmtg.com
Website Application: http://www.Paul-Hart.com
Web Reference: http://www.paul-hart.com
0 votes Thank Flag Link Fri May 13, 2011
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