Whats the lowest Credit Score for Buyers Today to get Approved for a loan

Current Clients need Financing in TX. 1st time buyers have contacted some lenders and still not approved can you help me get my clients financing for a home have one in mind already.
  • September 13 2010 - Beaumont
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Answers (4)

YES 600 programs ... 
Sincerely,
Celia
  • September 14 2010
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FHA requires a minimum FICO of 580.  However, most lenders require at least a 620.  If you're at the 600 range, then Bank of America or Wells Fargo are your only options.  That's unfortunate because they are the worst.
  • September 13 2010
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Myesha, I closed a transation recently where my buyer had great scores but his lender told me that they could do lots since they are bankers and also have hard money and some good investors.

Please understand that I am in no way endorsing them, but you may want to try and see if they can help your clients.

I'll drop you an email with their contacts.  Please post back with your results good or bad.

Thanks,

Naima
  • September 13 2010
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620 is typically the lowest most ;lenders will go.  There are some that will go to 580, but the hassle and underwriting is brutal.  Plus the rate is much higher than the going market rate.
  • September 13 2010
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