Home Buying in San Francisco>Question Details

Jasmine, Home Buyer in San Francisco, CA

with a fico score of 615 and an income of 215k a year. can i get a fha loan?

Asked by Jasmine, San Francisco, CA Wed Jan 11, 2012

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FHA really isn't credit score driven, it's the Banks and Lenders that set those score requirements. There are a few lenders that go down to 580 with FHA, I personally have closed on several homes with clients around and under 600. I recommend all my clients that have credit issues to check with The Lenders Network, check them out. If anyone can get you approved they can!
3 votes Thank Flag Link Tue Jul 16, 2013
Hi Jasmine,

I agree than you could probably get a loan, but why such a low score. It may be better to work with someone to boost your score over the next few months. The lower your score the higher the likely interest rate will be.
2 votes Thank Flag Link Wed Jan 11, 2012
Yes, you can. Contact Brandon Hoyles at RPM Mortgage:

bhoyles@rpm-mtg.com
415-713-6938 cell
415-738-7050 office

Best of luck,

Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference: http://www.oggikashi.com
1 vote Thank Flag Link Wed Jan 11, 2012
Jasmine,
FHA is less score driven than other loans. The benefit of FHA is that plus a low down payment, 3.5% and the options for a couple different rehab loans. With your income, I would consider taking a little bit of time to address some credit issues so you get a better rate and more options available.
I would suggest you meet with a local full service mortgage broker who can discuss your plans and goals with and prescribe the right loan. Best of luck.
1 vote Thank Flag Link Wed Jan 11, 2012
Jasmine - yes, you probably can get an FHA loan with that low of a score, but the lender may put stricter guidelines on you, such as a larger downpayment. The score is only one piece of the puzzle... there must be a reason your score is so low and it would be wise to have a lender run a credit report for you an help you determine if your score can be raised. If you have that score from a free credit report online, that is NOT the same report a lender would use, so please be aware of that.

There are many reasons why scores drop, and there are often ways to increase the scores quickly if certain steps are taken and I would be happy to help you with that. Please feel free to contact me. The cost is less than $20, so it is a wise investment. There also might be a lot of mistakes on your report, which is not unusual, and that could be part of the problem as well. It is well worth your time to do some investigating into your credit before you start looking for a home.

Good luck in your home search!
Web Reference: http://www.GrovesTeam.net
1 vote Thank Flag Link Wed Jan 11, 2012
The income is fantastic, we have approved deals like this in the past. Call or email for a free pre-approval in less than 10 minutes. We lend our own money and can do deals that banks turn down.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Oct 26, 2013
Good afternoon Jasmine,

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.consumer.ftc.gov/articles/0058-credit-repair-how-…

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

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Jul 17, 2013
Jasmine,

It depends but the best way to find out is to discuss your personal financial situation with a lender. Below is one that you can contact:

Guarantee Mortgage
Stephen Barber 415-694-5550 sbarber@gmwest.com
May Montana 415-694-5513 may@maymontana.com

Regards,
Lizete
Web Reference: http://www.LizeteSantos.com
0 votes Thank Flag Link Thu Jan 12, 2012
Hi Jasmine-

I'd be happy to put you in touch with seveal San Francisco mortgage people that you could talk to at no charge. feel free to drop me a line.

Rich Bennett, Realtor
415.305.4911 cell

http://www.76-78Prosper.com

Zephyr Real Estate
DRE#01358540
0 votes Thank Flag Link Wed Jan 11, 2012
You might be able to. Credit score alone does not determine qualification. Your 615 score does not disqualify you but the reasons for the 615 may. I do FHA mortgages in California down to a 500 score so feel free to contact me to find out if you qualify.

Some of the criteria can be found here:
http://www.trulia.com/blog/gvd/2011/05/fha_with_a_500_credit…
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Wed Jan 11, 2012
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