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Just wondering if it is possible to get a FHA loan with a credit score between 580 - 600 in Connecti

  • June 18 2012 - Wallingford
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Answers (5)

Profile picture for sunnyview
There is information about Wells Fargo's required credit scores including the down payment requirements from Spring 2011. I do not know if they still have that program or not, but this guy seems to think they still have it available as of Spring 2012.

Might be worth calling a good lender or WF direct to see what the lowest scores they can go with are now.
  • August 30 2012
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I don't know of any lender that will go below a 640 score currently. While FHA says they will allow lower scores the problem is finding an investor/lender to purchase the loan. What does this mean? No one will fund it with a score under 640. - Note that 640 is the middle score 
  • August 30 2012
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Profile picture for sunnyview
Many lenders will not go below about 620. I had heard that Wells Fargo would go lower to 580-600, but they required a higher down payment and the 3.5% FHA minimum was not available at those lower scores at all.

You can do things to work on your credit if you know which areas to target. You do not need to pay a dime to "fix" your credit either. The information is free to you through sites like MyFICO and others. There is nothing that a "credit repair" company can do that you cannot do yourself.

Start by getting a copy of your credit report so you know what is on it and what your current score is. One credit report a year is free from the credit reporting agencies here, but you will have to pay a small amount for your actual credit score. Last time I looked it was about $12.

You can get strategies to improve your score here and here. The myfico site also has a break down of what makes up your score and what you can do to improve it for free. Focus on making yourself a good candidate to buy before you buy. It will reduce your costs in getting a mortgage and make it more likely that you will be able to keep the house that you buy out of financial trouble later.
  • June 19 2012
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A Realtor will be able to help you to asses your ability to move forward. In part, they will have you talk with a Mortgage professional that can assist you with obtaining loan approval. Also, if necessary they can put you in touch with a professional that can assist you to improve your credit rating.
  • June 19 2012
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Hi user,

Here is some information about FHA loans.  I would recommend searching for a quote on Zillow Mortgage Marketplace or reaching out to a lender that is in your area.  You can find a lender in our professional directory.

Thanks,
Candace
Zillow Customer Support
  • June 19 2012
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