Does anyone know of any mortgage lenders that are approving FHA loans with a credit score of 600? Please help!!

Asked by Frank, South Lyon, MI Tue Nov 3, 2009

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, ,
Mon Nov 16, 2009
April

Have you already spoken to a FHA lender/LO that is versed in credit analysis and restoration? What is/are the reason(s) for your score being so low? Are your credit maxed out? Do you have numerous collections and late payments? Did you recently come out of bankruptcy? Are you still in it? Depending on the answers and your specific scenario, it could be a simple and quick, or complicated and time consuming process to raise your score. It could also save you thousands in additional fees and make you eligible for a much lower interest rate which will/could save you thousands over the life and term of your loan. Again, contact an experienced FHA Lender/LO that is versed in credit analysis and restoration? I offer such services at Shore and their is no charge. I hope this help.
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Derek Bauer, Agent, South Lyon, MI
Wed Nov 4, 2009
April,

The requirement for FHA and the requirement for the specific lenders can vary, thus one lender may tell you no, while another may tell you yes.

If you would like some guidance and referrals to lenders, feel free to email me at Derek@DoorToDreams.com, or contact me through my Trulia profile.

Thank you.
Web Reference:  http://DoorToDreams.com
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, ,
Wed Nov 4, 2009
Many (most) lenders can still help you for a purchase of a new home with 600 credit, fully documented income, assets and employment, as well as a strong letter of explanation. Assumptions would include a debt-to-income ratio that is acceptable (typically 41% of your pre-tax income, including all liabilites reporting to credit, not including collections or charge offs). Other assumptions would include no NSF's in your bank account and little to no gaps in employment. If these qualifications fit you, please feel free to contact me through my website. http://www.ronbeebe.com
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, ,
Wed Nov 4, 2009
Look for a broker who's set up with First American Mortgage Corp. This is a wholesale company (you can't just walk in) or First guarantee mortgage corp. No open collections without good explanation. Scores as low as 580. Rates typically 1% higher than normal.
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