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Is there ANY way I will be able to get this house with a credit score of 601?

Is there any way my fiance and I can qualify for an FHA loan with my credit score of 601?  (His is 576, so we are going with mine)  We can't believe they're as low as they are.  We have never been late on any payments.  I am one payment away from owning my car, but the banks don't care about that.  We pay $600/mo to rent our place now, and the place we are looking to buy will be around $325/mo. -We make more than enough to afford the place, but again, the banks don't care.  They are only looking at my credit score.  It's not that I have bad credit, I just don't have any credit.  They recommended that I get a credit card to try to raise my score, but they said it could take anywhere from one to two months or more to get it up to 620!  We don't have that time!  I just don't see why we can't get a loan.  We have only gone to two banks of course, but we feel totally defeated and hopeless.  I thought about trying Wells Fargo?  As I heard they have helped people in situations like ours.  Any advice would be greatly appreciated!  Thank you. :)
  • August 05 2012 - Jasper
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Answers (3)

Profile picture for Cindy Quinton
You can hit POST REPLY and give more details.
  • August 05 2012
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Profile picture for user0204230
Details:

We don't have any credit because we've never had any "revolving" credit.  That's how the bank put it.  The bank also told us that we would be able to afford this place with 26% of my income alone.  The banks took one look at the credit and basically told us we had no hope unless we got my score up to 620 or higher.  They also told us it would take time to do that.  Like maybe a month or two.  We don't want to waste any time.  I have heard people saying that they got approved for FHA loans with credit scores as low as 580, so what am I doing wrong?  Is there a certain place I should go?  It just sucks to know that because we have been responsible with our money, we are basically being punished and no one trusts us enough to let us prove that we can more than afford this place.  His grandparents did say that they would help us in any way that they could.  But I don't know.  I'm stressed to the max and I just wish I could find  a solution.
  • August 05 2012
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Profile picture for Go Huskers
A good broker should be able to help you. If what you said is true and you have a 601 but no derogatory credit, getting an FHA mortgage is certainly possible. Forget going to banks, find a good broker in your state.
  • August 05 2012
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