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60 DAY LATE PAYMENT

I have 1 60 day late payment on my care note in the last 2yrs my credit score is still above 580. My question is will this hurt my chances in getting financed for fha  home loan.
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August 21 2013 - Detroit
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Answers (5)

I agree with 620, talked to my lender yesterday about at possible client, you wont know till you start the processes in most cases its free.
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August 22 2013
While I am not a lending professional, I do believe that you need to start with trying your best to increase your credit score.  Pay your bills on time every month and try to get the balances on your revolving credit cards and debt at or below 50% of your available credit. With some discipline and diligence on your part, you are likely to see your credit score increase over time.

Contact a lender who can give you sound professional advice on your circumstance and see what they can do to help you.

If you should have any further questions, please feel free to contact me via the information on my profile page.

Best of luck in reaching your homeownership goals!
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August 22 2013
There are certainly some lenders, like myself, that can give loans with a credit score like yours. Although the average minimum credit score for loans like an FHA loan is 620, some lenders can go as low as 580 and others can go as high as 680. I would suggest that you shop around and see what lenders can do for you, it wouldn't hurt. I would still recommend that you try to increase your credit score. The most effective way to fixing your credit score is to pay your revolving credit card balance and debt.

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me with the information on my profile page. Also, if you found the helpful, please leave me a review on my page.

Good Luck!
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August 22 2013
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Many lenders require credit scores at least 620 or even 640 with what is called a "lender overlay".      Therefore, if your credit score is barely above 580 you may benefit by working on increasing it so the mid score is at least above 640.
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August 21 2013
580 is probably not going to work for FHA you need to get it closer to 600. Contact a mortgage person they should be able to give you clear guidance and also help you with credit repair
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August 21 2013
 
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