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Answers (7)
- Annette Levinson, "Annette Levinson"
- Contributions:200
You can get a mortgage with a middle score of 580 insured by FHA depending upon how you pay your bills. I would suggest you speak with a loan officer so they can advise you after seeing your credit report from the 3 agencies. We check all 3 credit reporting agencies and use the middle score.
I often advise buyers what they need to do to improve their scores. Sometimes it is a quick fix, other times it takes months.
I often advise buyers what they need to do to improve their scores. Sometimes it is a quick fix, other times it takes months.
- Lydia Alaniz, "Lydia Alaniz"
- Contributions:4
I am not a mortgage lender, but recently worked with two buyers who were trying to get pre-qualified for a mortgage loan. These buyers needed a credit score of 640 to qualify for a FHA loan. They are not quite there, but were advised by the loan officer what they needed to do to get their FICO score to that, or better.The lender and I will be staying in touch with these buyers and will be more than happy to work with them and motivate them to reach their goal, and to help them make their dream of being homeowners a reality. According to the lender, all three credit bureaus are used to determine the FICO score.
- Gold Star Financial
- Contributions:13
Each lender can have there own requirements for credit scores. As mentioned by someone else in this post Wells Fargo does go below 580. As a lender we go to 600 FICO for FHA loans. There are others that go to 580 FICO etc. Each lender can make there decision on the lowest scores they allow. Many lenders these days are still not going lower then 620, some have just now started to open the door to lower credit scores though. Hopefully between all of these replies you were able to get your answer. Thanks and good luck on your home!
- Bart Medlock, "BartMedlock"
- Contributions:247
Wells Fargo announced a few months ago that - under certain condtions -they would do FHA loans down to a 500-579 score with at least 10% down, 580-599 score with at least 5% down and 600 or above standard 3.5% down.
Zestimates may or may not be good indicators of value. Working with an experienced buyer agent/REALTOR to guide you about value and making any offer would be in your best interest.
Under no circumstances am I aware of any program that will allow you to borrow money above the sale price regardless of what the appraised value comes in at.
Good luck.
- Priscilla Hammond, "priscillasellsatl"
- Contributions:82
Hey Hoosier how ya doin? (I'm from Muncie) From what my Mortgage Banker at LendingTree loans told me, they average the score from all 3 bureaus and 620 is the lowest for FHA loans. My Sister got a secured credit card and she says it raised her score 13 points in 6 months. I hope this helps!!!
- Darrell Self, "Darrell Self"
- Contributions:349
All lenders now require a credit score of 620 to 640 to credit qualify for an FHA loan. You need to get with a good lender who can guide you through the process on what you need to do to get your credit score up. You can go to myfico.com and run a simulator to see what might need to be done to get you there. Best wishes!
- wetdawgs
- Contributions:26804
It is a very rare lender who will go down to 580. The score used is the middle of the three FICO scores.
Does your lovely wife qualify on her own credit score and income?
Does your lovely wife qualify on her own credit score and income?
Can you receive a FHA loan with a score of 580 and what Credit bureau is most likely used?
My lovely wife wants a certain house the last asking price was 145,000, it is now off the market due to non-selling. We really want this home bad. She crys for it, I need to get it. But my score is slowly creeping up to 580 it is at 577. How can I get approave for a FHA loan and also see if the owners would be willing to pay closing and appraisal costs. The zestimate is 133,000. Can we also try to getthe appraisal price instead?
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