I have a credit score of 596, can I qualify for an FHA loan?

Asked by Elmyragulch, Sun Jan 27, 2013

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4
Alex, Renter, West Palm Beach, FL
Thu Oct 30, 2014
If you are still looking for assistance, I highly recommend contacting Suzanne at (561) 478-4780. They are great people at her office and she will be able to help with any questions that you may have! Very knowledgeable.

Best of luck!
0 votes
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Tue May 13, 2014
It seems that your scores in your range should work. Lenders like myself can go as low as 580 when it comes to credit scores. Of course, your other finances will need to be in place as well including your income, debt, assets, employment, expenses, etc. The best thing for you to do is to speak with a knowledgeable lender like myself to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
0 votes
Ronen & Linda…, Agent, Wellington, FL
Thu Jan 31, 2013
Hello,
Please contact me regrading your question and I would be able to help you with finding the answers you need. 561-568-6841
0 votes
Bob Brubaker, Agent, Lake Worth, FL
Sun Jan 27, 2013
E- The underwriting on FHA loans is not credit score " Driven"
Different lenders may have " overlay " requirements of their own
which would recquire a higher score. There are lenders
out there who will do FHA Loans with a 600 score and slightly less!
However,your prospects will depend on solid " compensating factors".
Job Stability,Income,Savings, credit explainations, etc. to
overcome the low score
You really need to contact a lender specializing in FHA for Pre-
Oualification. From there you can move to a Formal Pre-Approval
if your total profile warrants.
You do not need to Formaly Apply to find out what your prospects are!
Contact me directly and I'll share some possible sources.


Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
0 votes
What agencies specialize in FHA? I did call and speak with a few people who seemed to agree that my credit score needs to be 640, according to both establishments this was regardless of any other elements (length at current job, circumstances of credit...etc.) ...I am feeling a bit disheartened. If you have any suggestions I would genuinely appreciate hearing them.
Flag Wed Jan 30, 2013
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