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Can I get an fha loan with a 600 middle score. If so and good suggestions

  • September 13 2010 - Belleville
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Answers (13)

You sure can! There are flexible credit score requirements out there. Please contact me, I can help! [Spam removed by Zillow moderator, see our Good Neighbor Policy].

 
  • June 13 2014
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  • June 11 2014
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Absolutely. There are typically additional layered guidelines however once your score falls below 640. For example, you will likely need to show 12 months on time tent payments for the most recent 12 months, have assets of your own left over after closing equal to 3x's your new FHA mortgage payment (called "reserves"), be subject to. Lower total debt to income ratio compared to a borrower with a 640 score and not be able to exclude deferred student loans from your debt to income ratio. I would suggest connecting with a lender to get a full pre approval as soon as possible.
  • April 04 2014
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Yes you can. Please call me for details. Mark Wilson [spam/contact information removed by Zillow moderator, see our Good Neighbor Policy]
  • April 04 2014
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Yes you can.
The rate will be higher than if you scored 640 or above however.
  • December 29 2010
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One of my mortgage banker affiliates has a lender that will still go down to 580 FICO score on an FHA loan.



Contact me via my profile and I can put you 2 together.



  • December 28 2010
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600 credit score lenders are NOT high cost to the borrower. As a matter of fact, they are very strict on the amount of money that can be charged to the borrower due to sub sequential higher risk on their part. If the loan defaults it reflects poorly on their standing with FHA. Most so called experts on this site will try to get you to raise your score in an effort to charge you more and make more money on the rate the banks have. 580 credit score yield a higher rate, but they still do NOT have higher costs. 540 credit scores are pretty much for FHA purchase only, and it is a good way to become a home owner while prices are down regardless of the rate. You can enjoy home ownership now while prices are low and refinance later when you improve your credit. I have access to hundreds of wholesale lending lines and give you a complete analysis of what you qualify. I give straight answers with clear transparency. Please feel free to contact me if you have any questions

Brian Dawson
Flagship Mortgage Corp.
[Contact info removed by moderator]
  • December 22 2010
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My first suggestion would be to try to raise your score to 620 middle but if the situation is urgent, there a few lenders that go down to 540.  Keep in mind that the costs are alittle higher due to the extra risk to the lender but sometimes this loan will solve your problem. 
  • December 21 2010
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There are Mortgage Lenders whom are still offering FHA with 600 ficos.  You will most likely want to shop the Mortgage Lenders (not to confuse with Banks), which they only offer Mortgages and are not depositors.  Most of the Mortgage Lenders, whom are direct with FHA, are your best options.  Here's a link to verify which Lenders in your area, whom are direct with HUD.  Best of luck.
  • December 18 2010
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Thier are a few lenders out thier that will go dow to 580 scores on FHA.
But the problem is that these lenders know that they are only one of a few offering these products. So they offer higher rates and much higher fees. Talk to a mortgage professional expalin your credit situation and they most likely have  credit repair company that they work with.  The credit repair company will help you get your credit scores improved. They may be able to get medical collections removed from your credit report legally, maybe advise you to pay some of the balances down on your charge cards, or get lines of credit removed that belong to someone else with a similar name as you.
  • December 18 2010
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YES for me - 600 credit score programs do exist.

Sincerely,
Celia
  • September 14 2010
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The market is calling for 620+ scores.  A good lender should be able to advise you how to boost your score up so you can be approved though.

  • September 14 2010
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There are lenders who claim they have no score fha loans but you pretty much would have to have great credit, no late payments etc. To increase your score to 620 is not very hard, a good experienced lender can give you hints with that.
  • September 13 2010
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