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FHA financing low score

We are ready to look into buying. Our credit scores are 617 for my hubby and 565 for me. We are working on rebuilding our credit . We are interested in FHA loans  make around $48,000 and my husband around $32,000 annually. We are looking at homes around the $130,000 range and are able to put down the required 3.5%. I am in Michigan
 Suggestions? Thanks!

  • June 19 2013 - Columbus
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Answers (1)

Hi,

If you are below 580 (lower mid of all applicants) then odds are you'll need to put 10% down plus have 6 months reserves (6 monthly mortgage payments plus taxes and insurance).  The reserve requirements will depend on your overall financial picture. However, if you're wondering about what your "worse case" options are; then try to have 6 months reserves over an above your down payment and closing costs.  Or I can share with you the credit repair company's information [content removed due to self promotion. Please refer to our Good Neighbor Policy for more details]. They could possibly improve your scores by removing dated or incorrect information. Your post was put in the Columbus, Ohio section, yet you also stated you were in Michigan. The Credit Repair company can work with anyone but I am only licensed to help people with mortgages in Ohio. If you are buying in Michigan you might want to repost in the proper area.  If you have any other questions I'd be happy to help. Regards, Kim Lawson, Licensed Ohio Mortgage Loan Originator. [content removed due to self promotion. Please refer to our Good Neighbor Policy for more details].

  • June 19 2013
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