Profile picture for user2059310

First time buyer

Can I get a FHA loan with a middle credit score of 610 and a income of $50,000 a year? First time buyer.
  • November 23 2013 - Tuscaloosa
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Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (12)

Not without a 3.5% down payment and a plan for handling the closing costs!
  • November 25 2013
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So far, it seems that your credit score and income should get you there, but there are other factors that need to be looked at as well. These factors include your debt, employment, down payment, expenses, as well as income and credit scores. The lowest scores lenders like myself are able to accept can be as low as 580. Since you are above that, you will have a better chance. The best thing for you to do is to speak with a lender directly. There are lenders like myself that would be glad to speak with you. Well I hope this helps! If you have any further questions or would like a loan, feel free to contact me.

Good Luck!
  • November 25 2013
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User2059310, Do you know what your debt to income ratio? Have you checked to make sure everything is reporting correctly to the credit bureaus? A lot of times there is a mistake that will help increase your scores! Also, have you looked into USDA loan yet? It is also another low downpayment option in Tuscaloosa County and it does not have the life of the loan PMI that FHA does!

Thanks!
  • November 25 2013
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Posting this back and forth conversation on this ladies post is not right and shows where you are in your maturity. You trying to judge someone based on the use of the word "haters" unfortunately tells me a little somethingvabout you. I am ending my part in this so called cconversation. And to the lady that posted her question. I apologize for this and want you to know that this type of back and forth is unsual on this forum. When its all said and done there are a few lenders that can help you whether you contact me or someone else. Good night all!
  • November 23 2013
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Profile picture for steveh100
It depends on what you are buying. A 610 score is not very good and an FHA loan has restrictions. You should consult your bank and find out if you meet the criteria for an FHA mortgage.  FHA lending limits vary based on a variety of housing types and the state and county in which the property is located. In order to prevent homebuyers from getting into a home they cannot afford, FHA guidelines have been set in place requiring borrowers and/or their spouse to qualify according to set debt to income ratios.  One more thing.
An FHA loan applicant's past credit performance that demonstrates good credit history and a solid track record of timely payments will likely be eligible for the mortgage.
  • November 23 2013
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Profile picture for wetdawgs
Labeling people "haters" seems to be one of the current popular ways of attempting to divert attention away from the true issue.   Sorry, I don't raise to that bait.  

I simply wonder why waste one's time posting when the Zillow  moderator stops by and removes your self promotion most of the time.  (Open your profile and scan your post history).    If I were a consumer looking for a lender, I would check to see if he or she paid attention to detail and could pay attention to rules for the communities in which they chose to participate.  If not, I would assume that carries forward into other aspects of their professional life.   Consumers will also be interested in comments such as "haters" as a hint of the style of the individual.     Just a hint, you can chose to grow or not. 





  • November 23 2013
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Am I detecting haters! Can't we all just get along!
  • November 23 2013
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Profile picture for wetdawgs
It appears that isn't the only detail Mr. Carr chooses to say "hay, I'll use it anyway".  The moderator appears to have taken care of the self promotion component of "call me, call me" for many pages of posts.

  • November 23 2013
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Hi Hamp, I know. It would not fit and you also can not add apostrophe in the screen name area. I decided what the hay i'll use it anyway. Lol
  • November 23 2013
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Anthony
It's You're Approved. Or, You Are Approved.
  • November 23 2013
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[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • November 23 2013
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Profile picture for wetdawgs
Maybe.   Credits scores > 640 will give you an easier time.    Your down payment, debt load and target loan amount also contribute to the decision.

  • November 23 2013
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