FHA Credit Score 634

Asked by Ryan Thornton, Chicago, IL Mon Oct 22, 2012

My lowest credit score is 634 and my highest is 666. I have three credit cards. One with a $400 limit (Capital One) one with a $200 limit (Orchard Bank) one with a $100 limit (Macy's) all are paid off. I have a car loan that has $8500 left . I've been up to date on all my bills the last two years. I have 6 hard inquires on my credit report. I make about $70K a year and run a business with my family so my income would be over $100K. I'm looking to purchase a townhome for $225k. Do u think I would get approved

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Jessica Bate…, Agent, Beverly Hills, CA
Sat Aug 24, 2013
Yes you can get an FHA loan with scores under 620. I tell all my clients with lower scores to visit The Lenders Network, I have had several of my clients get approved and close even with scores under a 600. So if anyone can get you a loan they can..
2 votes
Ivan Sagel, Agent, Chicago, IL
Tue Oct 23, 2012

Talk to Sam Sharp, he answered your question below. I have worked with him in the past.

Best of luck,
Ivan Sagel
1 vote
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Tue Oct 23, 2012
Hello Ryan - It would appear you should be elligible for FHA financing. However you will need to speak with a lender in order to be certain.
There are other aspects to consider that you have not addressed through your question. These details could make or break the deal.

Do yourself a favor and call a lender - if you dont want them to re run your credit then provide them with a recent copy for review. I would be happy to take a look for you.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
1 vote
Ryan Thornton, Other Pro, Chicago, IL
Mon Oct 22, 2012
I'm going to be puting down 3.5%. I'm using the bank through my builder. Its a new townhome. Its one of there inventory homes. List is $265 they were offering it on MLS for $229,000 and I got it at $224,990
1 vote
Bill J Delig…, Agent, Naperville, IL
Mon Oct 22, 2012
What you describe sounds good. How much do you have available for the down payment? Get yourself preapproved. Be prepared to provide bank statements, 2 yrs tax returns, retirement & non retirement accounts. Feel free to contact me should you need any assistance.

Bill J Deligiannis
First Centennial Mortgage
1 vote
Bradley Neum…, Mortgage Broker Or Lender, Franklin, TN
Fri Nov 15, 2013
We have got them done under 640. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes
Joanna Weiss, , Chicago, IL
Mon Aug 26, 2013
I would be happy to help with your financing. There are several first time homebuyer programs that offer down payment assistance. Joanna Weiss NMLS 230092 773-237-3580
0 votes
Joanna Weiss, , Chicago, IL
Mon Oct 29, 2012
We are a Community Bank. We have programs for first time home buyers with down payment assistance programs up to 2% of the purchase price. On a home purchase of $225,000 you might qualify for a $4500 closing cost credit. Your income must be lower than $90,000. Let me know if I might help. Joanna 773-327-3580.
0 votes
Maria Cipoll…, Agent, Coral Springs, FL
Wed Oct 24, 2012
Shop around for a reliable mortgage broker, they have access to banks, private lenders and many different programs. Choose one that can answer all your questions on the first meeting and give you at least two financing options.

Best of Luck,

Maria Cipollone

Century 21 Tenace

0 votes
veronicantra…, Home Buyer, Chicago, IL
Wed Oct 24, 2012
8 months out of bankruptcy, looking for a fha loan, my income is social security disabilty. Would get a loan.
0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Tue Oct 23, 2012
Call Matt Bukovy or Sam Sharp, both are very competent lenders.

Good luck!
0 votes
, ,
Tue Oct 23, 2012
Although you didn't answer every question a leder would ask, it would appear that you've got a pretty good shot at being approved.

Please give me a call at 773-416-7107 to discuss.


Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
0 votes
Matt Laricy, Agent, Chicago, IL
Tue Oct 23, 2012
You would have to call a lender up. We wouldnt be able to tell you on here.
0 votes
Joe Schiller, Agent, Chicago, IL
Tue Oct 23, 2012
what are you doing.. call a mortgage broker and quit playing around.. this is a waste of time to ask this question and irrelevant on 100 levels.. please email me and I will get you a final and complete answer
0 votes
Albert Cossy…, Agent, Chicago, IL
Tue Oct 23, 2012
Simple deal- what's your fear?
0 votes
Daniel Alvar…, Agent, Weehawken, NJ
Mon Oct 22, 2012
Sounds like you are good to go. I'm almost certain that any loan officer would say the same.
0 votes
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