My credit is poor ... Would it be possible to qualify for a FHA loan?

Asked by Sethailani, Schenectady, NY Fri Jan 25, 2013

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Janet Nation,…, Agent, Baldwin, NY
Sat Jan 26, 2013
The minimum acceptable standard for a FHA loan is 640 FICO score. Beware of any lender offering you financing with a credit score lower than that. Rest assure you will receive undesirable terms and it will be an expenisve for loan Work on improving your credit first.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Jan 25, 2013
For a personalized answer visit with any licensed loan officer; there are other factors besides credit that determine mortgage qualification.
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Keith Jean-P…, Agent, East Brunswick, NJ
Fri Jan 25, 2013
Dear Sethailani:

It all depends on how bad your credit is. I would suggest you visit the FHA website for all the particulars on what you could qualify for. Here is a direct link:

Best of luck with your future purchase. Let me know if I can be of any further assistance.
0 votes
Jeffrey Horn, Agent, Schenectady, NY
Fri Jan 25, 2013
Hi Sethailani,
While I am not a mortgage specialist I have heard that an average score of at least 640 is the usual minimum score many lenders will work with. A mortgage specialist from SEFCU did make a couple points about what to do or not do during the application acceptance to closing period. Do make at least your minimum payments on time. Do not close credit accounts. Do not open credit accounts. Do continue with your regular/typical spending habits. Do not make large or out of the ordinary purchases. For particular FHA guidelines that would apply in your situation please contact me and I will refer you to 3 lenders to help you.
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Brian Ward, Agent, Albany, NY
Fri Jan 25, 2013
Depends on various details. for more information.
0 votes
Do to a divorce my credit was ruined with a foreclosed .. How or if can I apply for a FHA mortgage
Flag Fri Jan 25, 2013
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