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is there any lender that will do a fha loan with a 595 credit score anymore ? If so HELP !!

  • May 13 2009 - US
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Answers (13)

Profile picture for FICO580
I AM STILL DOING FHA AND CONFORMING LOANS WITH A 580 FICO

ALSO:
NO DOC LOANS..601 MINIMUM FICO
PURCHASE OR REFI
PRIMARY RESIDENCE,INVESTMENT PROPERTY, SECOND HOMES, COMMERCIAL..

EMAIL ME:
FICO580@GMAIL.COM
  • June 03 2009
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I have a Portfolio Lender who will go down to a 560 on a FHA Rate and Term Refi and 580 on Purchase and Cash Out Refinance. Their rates actually aren't that bad.What state are you in?
  • May 13 2009
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Mickey is wrong, there are lenders that adhere to FHA guidelines on streamline refi's not accounting for credit score.

In fact the underwriters for those lenders do not even see the scores as the only thing needed is a mortgage tradeline only credit report without scores on it.

I could source you a name, however I do not think that is in the spirit of this forum.
  • May 13 2009
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Profile picture for The Mortgage Mark
There are still some lenders doing FHA loans at a 600 score.   What state are you located in? 
  • May 13 2009
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No, minimum is 620, but yes certain lenders offer rescore programs that maybe able to get your score to that mark. You maybe required to pay down some debt but in the long run it can really pay off. Let me know if you need help.
  • May 13 2009
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Most large lenders have the 620 fico restriction in place as their own guideline.  You can look at a broker who may have access to the few lenders that do not require scores on a streamline refi.

If this is a purchase then you will probably be denied because of the score, but looking at your question ending in HELP!!, I would assume it is a refi. 

Also, some of the alternative (no score) lenders have other criteria, like recouping lender+title cost within 36 months.  That can be hard depending on your states avg. title fees.  As mentioned before, any lates within previous 12 months of mortgage history will probably be a turn down as well regardless of score.
  • May 13 2009
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It is not just score driven, you could have a 620 and still get turned down if you have 30 day lates in the last 12 months. 
  • May 13 2009
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Yes, there are lenders that will do a fha loan with a score like yours.  It would be best for you to contact a lender for an initial consultation, however, in order to determine whether or not your application could be approved.  This can be a painless and simple process.  Although the credit score is more heavily weighted than in times past, loans are not approved or denied on the basis of a credit score alone.  There are many other factors that play a part.  The lender does not necessarily need to immediately pull a credit report to have a general idea as to your success in getting approved.
  • May 13 2009
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Maybe Crown Mortgage in Oak Lawn, Il.   I was talking with a loan officer from Crown and he told me they can still do below 620.
  • May 13 2009
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Yes, I would do a re-score also and try and increase your scores. It all depends on what is on your credit report. You are very close to the 620 mark which opens up a world of lenders to you.
  • May 13 2009
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Two options.  One, my last communication with GMAC was that they did loans down to 580.  That may not be true up to the minute.

Two, you can do a rapid rescore and eliminate some things hurting your score.  I just did this with a client and it was quite successful; we got a 70 point increase in about a week.  Of course, there were definite inaccuracies that were fairly easy to correct.  That might not be true for you.
  • May 13 2009
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Same here, 620 minimum score as far as my lenders go.  You're not too far off though.  Have someone help you with your credit and do what you can to lift it above 620.  Are you married?  If your spouse has better credit and can qualify on their own, that may be the way to go for you.
Good Luck!
  • May 13 2009
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I am not aware of anyone who goes below a 620 median.  Matter of fact, Chase announced recently of increasing their requirement to a 660 median score. 

There are other programs out there that aren't credit score driven whatsoever, but have their own list of conditions. Rural housing is one of these programs, but be prepared to bring a substantial amount of money to the table if you qualify for one of these programs.

You may also consider doing some credit cleanup and re-establish some positive credit tradelines.  There are some surefire ways of correcting your credit problems in a short period of time.

Hope that helps.
  • May 13 2009
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