I have a 621 middle credit score and was wondering if it was possible to get approved for an FHA loan.

Asked by Veroj7, Lewisville, TX Sun Aug 24, 2014

I have $5,000 down payment and a steady employment history. I am working with a mortgage broker and she is telling me that I need to get my score up to 640 for a better chance of approval and so I won't need rental history (which I do not have because my fiancee got free housing with his last job). Also, would a co-borrower increase my chances of getting approval?

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, ,
Tue Aug 26, 2014
Hi Veroj7,

Here is what I think your issue is. The mortgage broker you're working with ran your file through an AUS or automated underwriting system (just like every other lender will) and it either came back with refer/eligible findings which means it will have to be manually underwritten or it came back requiring a 12 month verification of rent or VOR.

A manual underwrite will always require the lender to document a 12 month rental history as a condition of approving the loan but if you can get your score up, you have a chance of getting approved through the AUS and it may not require the rental history verification as part of the approval.

You've already stated you can not satisfy the VOR requirement so your mortgage broker is looking for a way to get a round it & the only way that's going to happen is if you get your scores up and get approved through an AUS without out the VOR requirement.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking my name.

Please feel free to contact me for more information or help. You can also find more information on my FHA website by licking the link below.

John Burke
Senior Mortgage Banker
Great Plains National Bank
0 votes
, ,
Mon Aug 25, 2014
So many lenders are 640 but we are a 620 lender. There are lenders that go lower than us but the lower the score the lower the chances of success. Credit is the 1st step but income and assets matter also. I think you should explore other lending options. If there is time. Do you have a home picked out and is the clock ticking? You can email or call me if you need help. Talking is on the house. I am licensed in TX.

Brent Mendelson
1st Mariner Mortgage
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Susie Kay, Agent, Dallas, TX
Mon Aug 25, 2014
I would suggest talking to another lender just to see what the best options for your situation. A co-borrower may or may not increase your chance of getting a loan approval, depending upon each individual situation. Let me know if you need a name or two lenders who can help you.

Good luck,

Susie Kay
United Real Estate
0 votes
, ,
Sun Aug 24, 2014
I lend down to a 530 score on FHA.

Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been offering loans since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.

Bart Gabe - Lending Nationwide Since 1987

800 315 8803


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