with the fha loan, whats the lowest credit score that would make you not to be eligible?

Asked by Erica Lindsey, Hillside, NJ Thu Jun 6, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Anna M Brocco, Agent, Williston Park, NY
Thu Jun 6, 2013
Most lenders prefer a 640 score, however there may be some willing to work with less; therefore shop around...
1 vote
ok thanks
Flag Thu Jun 6, 2013
x, , 10021
Thu Jun 6, 2013
Erica.
Chase will allow you to go to 580 FICO on FHA, but there are certain things that change.
1. Maximum financing will be 90% (you need to put 10% down, dissimilar to standard 3.5% down that is typically required).
2. The funds must come from the borrower and not as a gift (typically the entire down payment can come from a gift).
3. There is a maximum for seller paid closing costs at 3% (typically 6%).

Please shoot me a call tomorrow and I can discuss this more in detail with you.

Ryan McPartland
Mortgage Banker (of 12 yrs)
JPMorgan Chase
646-522-6340 cell
ryan.j.mcpartland@chase.com
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Jun 6, 2013
For the most part you'll need a 640 minimum credit score. Some banks out there will advertise that they'll do it with a lower score, but most the times it comes with conditions. Higher rates, perhaps they won't allow a seller concession, tighter debt to income ratios, etc.

It's best if your credit score is at least 640, because then you'll be able to shop from ALL lenders as oppose to just the very very few who do under a 640 score.

I'm always available to help you by looking at your credit and seeing what you can do to improve it right away. Good luck.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes
ok thx!
Flag Fri Jun 7, 2013
Search Advice
Search
Ask our community a question

Email me when…

Learn more