Is it possible to get an FHA loan with 600 credit score and 10 to 20 percent down?

Asked by SumerSun, Erie, PA Tue Feb 21, 2012

I was just wondering if this was a possibility? Has FHA loosened up its requirements at all? I would like to buy the house that I am currently renting. Thanks!

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9
Jessica Bate…, Agent, Beverly Hills, CA
Tue Jul 2, 2013
You can get approved with a 600 for FHA and just 3.5% down! I have a great place I send my clients with scores under a 640 to get approved. If any company can get you approved its the The Lenders Network, I have closed some deals I never thought I would, but they they approve scores below 600 for FHA and VA loans.

Good Luck!
2 votes
Stanley G…, Home Buyer, Bradenton, FL
Sat Feb 18, 2017
I got a 640 score l saw a home for 500.000 l got 20% down
0 votes
Arshak Ben K…, , Beverly Hills, CA
Fri Mar 2, 2012
Hello,

The Question is what do you belive is your buying power? What would you like to purchase?

For Free Advice please call Arshak 415 871 6022.

FHA loans are available but what is your investing goal?
0 votes
, ,
Fri Mar 2, 2012
Helo Sumer......

Yes right here. call me at 267 992 7276 this weekend

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes
Annette Levi…, , New York, NY
Fri Mar 2, 2012
FHA does not have a minimum FICO. Most lenders have underwriting overlays that require a 640 FICO. If you don't have any open collection or judgments, you should be okay.
0 votes
Sherri Eckert, , Austin, TX
Fri Mar 2, 2012
Yes, qualified borrowers with a credit score of 600 are eligible for an FHA Loan. If you are seeking an FHA loan for credit scores 600-640, I can assist you. Feel free to check out our website for more information on FHA loans and the FHA loan programs we offer.

Sincerely,

Sherri Eckert - Loan Officer
PrimeLending, A PlainsCapital Company
(877) 482-6967
0 votes
Michelle Gray, , Erie, PA
Wed Feb 22, 2012
Yes, you can get a loan with your current credit score. If you would like to give me a call, I can give you all of the information.

Regards,

Michelle Gray, REALTOR
Howard Hanna Real Estate
3738 Sterrettania Rd.
Erie, Pa 16506
Office: (814) 835-1200 Ext: 29
Cell: (814) 490-8147
http://www.michellegray.howardhanna.com
0 votes
, ,
Tue Feb 21, 2012
Won't you worry, with a 600 score you can qualify for a FHA loan, but I would recommend you read my article about increasing your score. The better your score, the better the loan terms you can be offered. There is a hit to the rate if you have low credit scores. If you don't have the 30 days to make some changes by paying down balances in your revolving credit accounts and whatnot, then go with what you have, what's the difference between 4 and 4.250%? It's not the end of the world.

Best of Luck!

http://www.trulia.com/blog/george_raymondo/2011/08/myths_and…
0 votes
, ,
Tue Feb 21, 2012
Hello SummerSun,

Yes and I have that program. FHA has one credit requirement.....that the score is above 500. It is the lenders that put additional overlays onto the credit requirements and not FHA. I have a lender down to 560 with 10% down. Theire rates aren't the greatest but they are OK.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes
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