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My lowest score is transunion 677, experian, and equifax are over 750. what r my chances for fha & $

  • October 13 2009 - El Centro
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Answers (12)

Wow...first of all, there is no adding up and dividing by 3 for your credit score!  That's plain ridiculous and incorrect.  Mortgage lenders use a mid-score.  That is throw out the high, throw out the low, and that's it.  There is no math to it whatsover.  652-653-690....your score would be 653.

You'll be fine getting an FHA loan.  What size loan is the issue.  Get started with a pro you'll be fine.  FHA minimum scores are actually 500 and you can get one with no scores.  (10% down)
  • June 01 2011
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Niecyt: Your chances are excellent with your current scores. As mentioned as mortgage bankers we always have to look at your DTI (Debt-To-Income) ratios. I have structuring FHA and VA loans for 16 years and there is always a way to get you into a home. Some of my clients will have to wait a few months as we but them onto a game plan to help get their finances or credit in order but FHA is the most forgiving loan programs out there.  I hope this helps, Marc
  • May 31 2011
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add the three amounts together and divide by 3 that's your FICO.  Now you have to figure out your debt to income ratio and debt to credit amount.  If you have credit and are maxed out and have had late payments, forget about it. If you have debt but always pay your bills, are never ever late then you can find financing but the best way is to go through a Mortgage Broker and he gets a fee. I recommend Intrust Properties, Inc. James will get you into a home if its the last thing he does.  James R Burkett 916-847-8849begin_of_the_skype_highlighting            916-847-8849      end_of_the_skype_highlighting Dan Hughes is the broker and he is out of Florida..they know their stuff!!
  • May 31 2011
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I just got a mortgage through Virgin Money and your scores are just fine. Mine were 754,734 and something a little lower without a problem It all deoends on how much your debt to credit ratio is? Mine is 54% but I have never been late on anything..ever! I also make pretty good money and I'm only buying a place that isn't expensive. What you need to do is TRY. Won't hurt to try and at least you will know. I think you will do fine
  • October 25 2009
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all depends on income and assets as well as employment as you credit scores seem fine.  Any BK's??
  • October 24 2009
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The standard answer for this type of question is this: it depends on a lot of other factors.

In addition to credit score a lender will determine your ability to get approved for a loan based on a number of other factors including, but not limited to:
-income
-debts that you currently have (especially monthly payments)
-employment and employment history
-money available for closing (including gift funds if applicable)

and a host of other factors.

The good news is that most of this information can be determined very quickly and you could reasonably expect to find out if you can get approved with a short phone conversation and faxing or emailing some supporting documentation.

What you have are good credit scores that start you off on solid footing.  You should be proud of that as it takes hard work to maintain good scores.  Now it's time to take the next step and see if the other factors support the approval.  You'll never know until you try!

If you work with a professional loan officer they should be able to make the process as easy as possible and get you an approval within 24 business hours.

Good luck!

Jason
  • October 23 2009
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It all depends on the Fico score and if you always pay your bills and haven't any negative info on your reports. I have a FICO score of 726 and my DTI is 54% but I have never ever been late on any payments. There are lenders out there and you just need a really good Loan Broker to find one for you. You do have to prove that you have the money to close and where it came from. It can be a gift but the person who gave it to you must fill out a form. They are also picky about inspections and the appraisal. My appraisal cost $425 because it is an FHA appraisal.  I'm sure you'd qualify if all the above checks out
  • October 22 2009
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For FHA files, the minimum credit score is 580 per FHA but most lenders or investors now require a 620 or higher so you would most likely fit the mold for an FHA loan regarding credit score.  The DTI is not black and white as many other factors are taken into consideration when running an automated approval; I have seen total DTI's up to 56.9% and housing ratios over 40%.  The only way to find out for sure is to contact a lender and have them take an application.  You should be able to get a preliminary approval in about 30 minutes.

  • October 19 2009
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Dean, there are several lenders who have no cap on DTI, some loans will approve with a debt ratio in the mid-upper 50's. Lelt78, if you have multiple accts with a middle score in the 750's and the low score is not due to a collection, late payment, etc being reported to only Transunion, then you would qualify for any type of mortgage, assuming you have the income and employment needed.    
  • October 14 2009
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Credit score is only one factor in determing FHA loan approval.  Mainstream FHA requires a minimum credit score of 620.  Generally speaking, your credit scores appear fine for FHA financing. 
  • October 14 2009
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FHA allows you to go up to a 41% debt ratio.  Contact a local FHA lender who can help you.

Provided you qualify with you income, your scores appear to be fine.

Good Luck.
  • October 14 2009
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Depending on what your lines of credit are you should be fine. Your loan officer will determine how much you qualify for based on income and debts. A conservative estimate of what you would qualify for would be 25% of your gross monthly income for your house payment and your total debt, including your new house payment, should not exceed 35%.

  • October 14 2009
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