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Trying to get an FHA loan

Hello,

I checked my credit through a loaner that said they need at least 640 credit score. I am filing jointly but my wife's scores are all above 700. (Mainly for FHA at the moment)

I have
TU: 652
Experian: 613
Equifax: 652

How do lenders usually use this to come to a minimum requirement of 640?
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July 21 2013 - Tampa
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Answers (5)

If a lender says the minimum acceptable credit is 640.  They are referring to your middle score, which is not your highest score, or your lowest score, but rather the one in the middle.  Generally if there are two borrowers, both scores must meet the minimum number.

A good patient mortgage broker can usually offer some tips to get an improved score, which might help you get a lower interest  rate.  frequently a large bank will just deny your loan if your score isn't high enough.

Hope this helps!
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January 30
Hey Justin, I closed about 50 loans for the state of FL alone last year.  I am the resident expert on FL and I don't see any issues with your situation.  You just need to get off the fence and contact me directly so I can go over some basic stuff.  New American Funding is a direct lender so you won't have any issues with the FHA.

I think it is realistic for you and your wife to start shopping right after taxes and maybe before then!

Shoot me an email and I can let you know what I need which is about 5 things.
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January 30
We would need to pull our own report on you, but we can do down as low as 580 so you have plenty of wiggle room. Let me know if you would like to move forward and I can analyze your overall situation.
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December 31 2013
Did your "lender" give you these scores or were they the scores the lenders gave you online?  Reason I ask is the lender pulled scores are often significantly different.

If you are a first time homebuyer and don't earn too much money (about $70k for a single person), you may also qualify to get up to $10k to be used towards your downpayment and closing costs.  You MUST work with an approved lender and I can highly recommend Gina Harris with iBeria Bank. 

All the best,
Alma
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September 01 2013

If those scores are accurate then your middle score is 652.  I have lenders that accept scores lower than that.

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July 22 2013
 
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