Profile picture for GoldenDuchess

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...

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11 2010 - Stone Mountain
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11 2010
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 !

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11 2010
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?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11 2010
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 11 2010
 
Related Questions
If a house your interested in buying is in pre foreclosure, what is the next step regarding purchasi
Profile picture for zuser20140609065326514
Latest answer by zuser20140609065326514
June 09 | 8 answers
5952 Marbut Rd Lithonia, GA
What can I do to get more (or better) quotes for my loan request ZR-XPWPVTX?
Profile picture for Nic Netherton
Latest answer by Nic Netherton
February 07 | 1 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2566 Oak Ave, Tucker, GA Home For Sale
    2566 Oak Ave, Tucker, GA 30084

     For Sale: $179,900

    • Beds: 3
    • Sqft: 1543
    • Baths: 2.0
    • Lot: --
  2. 5363 Windfern Ct # 26, Stone Mountain, GA Home For Sale
    5363 Windfern Ct # 26, Stone Mountain, GA 30088

     For Sale: $11,000

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: --
  3. 194 Windy Ct SW, Lilburn, GA Home For Sale
    194 Windy Ct SW, Lilburn, GA 30047

     For Sale: $189,900

    • Beds: 4
    • Sqft: 2295
    • Baths: 3.0
    • Lot: 29621