Home Buying in Salem>Question Details

tpsousa, Home Buyer in Salem, NH

Can you obtain and FHA loan with an average credit score of 570?

Asked by tpsousa, Salem, NH Mon May 14, 2012

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Jamin M Jones’ answer
If you need a Realtor, I have many great agents up this way and I will be glad to recommend some to you if you wish.

Just let me know - be happy to help !!

Jamin M Jones
New Hampshire Home Inspector NH Lic#280

Mobile: 978-675-7597
0 votes Thank Flag Link Mon Nov 12, 2012
Most banks require a 640 credit score, but you can get an FHA loan through NHHousing with a 620 score. If you need a good loan officer to help you through the process and answer all your financing questions...I highly recommend Frank Devlin with RMS Inc. His number is 603-315-0531.
Best of luck to you...call me at 603-321-0497 if you need me to answer any aspect of Real Estate.
0 votes Thank Flag Link Tue May 15, 2012
We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.

It is unlikely you could be approved for mortgage financing with that credit score at this time.

Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.

First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website http://www.consumer-action.org/.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/microsites/moneymatters/dealing-w…

The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Tue May 15, 2012
For FHA you ar eon the low side, virtually all banks though will look at your middle score not an average. the key is to meet with a local and trusted loan officer who can prequailify you at no cost looking at your credit and full financials to let you know what type of mortgages may be available to you.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue May 15, 2012
You would need a High enough middle score. We don't use the average. Give me a call and I can do an analysis on your credit report to help you improve your score.
0 votes Thank Flag Link Mon May 14, 2012
Hello. There are many mortgage plans available for people with varied credit scores. I would suggest contacting a Mortgage Broker to discuss your options.

If you would like assistance on your home buying search should you receive preapproval, I can be reached at


Thank you and all the best,
Melani Taillon
NH Realtor
Better Homes and Gardens/The Masiello Group
0 votes Thank Flag Link Mon May 14, 2012
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