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My credit scores range from 636, 624, 616 and 598-fluctuating. Can I still get qualified for a home?

The lender I was working with says my middle score keeps changing from TransUnion to Equifax and it fluctuates. I want to know am I eligible for an FHA loan still even tho the middle score seems to go up and up and cause Me to miss out. Thanks guys...

  • April 11 2010 - Stone Mountain
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Answers (4)

Best Answer

No. FHA is 3.5 down and usually accepts a 600+ score. Conventional is for those who are putting around 20% down on the house. You should be ok providing everything else is within the criteria.

Do not go out and buy ANYTHING on credit until after you close. Some people get excited and go out to buy furniture for their new homes. This causes a debt to income ratio problem and reduces your score so the least you owe now, the better for closing time.
  • April 11 2010
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Profile picture for wetdawgs
Most FHA lenders are now looking for a middle score >640, a few are now working with scores >620, with 3.5% down.

Do you have an idea why your scores are fluctuating?   Are you using too much of your available credit from time to time?   Pay down all debt lines to <30% (and preferably less) and you may find some more stability.

Of course, there is no reason not to work to build it up into the 700s !

  • April 11 2010
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Profile picture for GoldenDuchess
Thank You Georgina...you said this works unless you're going for conventional. Is the FHA 30 yr fixed rate considered conventional?
  • April 11 2010
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FHA will accept a 600+ score. Watson Mortgage takes the middle score. They disregard the lowest and the highest so if you're middle is over 600 you should be good, unless you're going conventional. As far as the fluctuation in scores between companies, that's common.
  • April 11 2010
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