Profile picture for lakegrl30

My middle FICO score is 621, can I get approved for an FHA loan?

I am starting the process of looking for a lender in Michigan (Metro Detroit) and have a FICO middle score of 621, just graduated college in June 2011, have a full-time job making about 40,000 a year.  Is it possible to get approved for an FHA or USDa loan?
  • April 20 2012 - Commerce Township
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (4)

Depending on debt to income ratios, you may qualify for a MSHDA loan. This is a great program for 1st time buyers, who don't have a lot of cash.

Give me a call to discuss.

Mark
  • April 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Here's a link to a useful blog post from Zillow on credit scores.    One point about credit cards is to never exceed ~30% of the limit, and pay them off in full every month.  

How are your savings for down payment, closing costs and buffer to cover the true costs of home ownership?

  • April 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for lakegrl30
It has actually been improving quickly because I disputed a lot of wrong information on my report.  Unfortunately, my student loans were being reported as late payments when they are supposed to be in deferrment for 6 months.  I do have three credit cards but they are not maxed out and my credit limit is under 1500.00. 
  • April 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It would be a good idea to determine why your score is 621.  Do you have late pays, collection accts, or credit card(s) maxed to the credit limit? If the last item it may be possible to raise score quickly.  Go to Professionals tab above and contact a loan officer in your area/state, and discuss your credit and other financial details.
  • April 20 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.