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FHA Loan with a mid score of 633?

I have been working with a lender for the last two months trying to get approved for a fha loan with a grant for down payment. I have had my credit rescored a few times and now have a mid score of 630. I have paid all my credit accounts down to under 10% and have only a car loan.. Can I get approved elsewhere for an fha loan?????
  • May 08 - Nashville
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Answers (4)

Yes-

Where you will find difficulties is that you are in need of a grant for the down payment. I think that is where your issues are going to be.

Most lenders would have no problems getting this done for you if had the 3.5% available from your own funds.

If you are able to recieve that 3.5% in a gift through your family or friends I think you will be approved for this loan much easier.

If you have any questions feel free to reach out to me directly by accessing my zillow profile.

  • May 08
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Yes if you want to contact me through my profile I can help with  a 620 middle fico score.
  • May 08
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If your score is 630, why wouldn't you do a conventional loan ? All you need is a minimum 5% down.

I am sure there are down payment assistance programs for conventional loans as well in your area. I would look into this. No one really wants to be in an FHA mortgage if they don't need to.

Good luck and best wishes!
-Scott
  • May 08
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When it comes to credit, your score should work for FHA. The lowest credit scores lenders like myself are able to do for FHA, is a score of 580. Since your scores are right there, then you should have a chance. Also there are other financial factors that would need to be analyzed including your income, expenses, assets, liabilities, debt, employment, down payment, as well as credit scores. If all of these factors are in place then you should be good to go. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 08
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