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whats the lowest fico score can you have to buy a house , if we make about 130k

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February 13 2011 - Sunnyvale
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Answers (41)

VA/FHA loans can go as low as 500.  Keep in mind lenders are looking at more than just your credit score, they will look at your credit history. Best of luck. Reach out if you need anything!
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August 13
Many lenders can get you approved down to a 500 FICO score. The issue in most cases is the derogatory items that caused that low score. Find someone you know/like/trust to give you some good advice.
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August 12
It depends on your overall financial picture...some lenders have more flexibility than others...start by talking with a good mortgage broker with a broad network of lenders he works with...$Good Luck$
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August 12
For VA/FHA loans, I can go as low as 500. Anything below the 550-580 range is very difficult to get a loan approval though from my experiences. If your score is below 620, then your credit risk, re-established credit in the last 12 months, income, and assets would need to prove that you can handle a mortgage payment currently and pay on time. I am happy to provide guidance, please let me know.
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August 07
The lowest fico score you can have to qualify FHA is 500-579 with 10% down or minimum 580 fico score may qualify for 3.5% down or as low as .5% half percent down payment program. You may qualify for 5% down conventional with a minimum 620 fico score and from 5% down with NO Mortgage insurance (Lender paid MI).

The down payment programs have income limits and will depend on the home prices in the cities or your choice as well. It only takes a few dozen questions to qualify, go over your options and email listings to study and compare too. Credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary...
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June 15
FHA
We finance down to a 550 credit score and you will be limited to FHA Loan Limits in the particular county of interest. The minimum down is 3.5%

CONVENTIONAL
We finance down to a 620 credit score and the minimum down is 5%.

If you need further information please reach out to me here on Zillow or post on this thread so others will learn from your experience.
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June 15
FHA allows borrowers with scores as low as 550 to qualify. We have offered these programs for years. But please note that starting 2014 borrowers with scores under 620 and debt to income ratios are over 43% will now be required to pass manual underwritting. This only means that you will need to have compensating factors. I will be happy to explain what all this means in further detail if and when you are ready to be pre-qualified. 
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November 26 2013
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October 24 2013
The lowest FICO acceptable will always vary from lender to lender. There are lenders like myself that are able to be flexible and give out loans with credit scores as low as 580. If you are at 580 or above you have a much better shot at obtaining a loan. The next step would be to contact a lender. Lenders like myself would be more than willing to speak with you to help you get the loan that you need!

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
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September 30 2013
A good mortgage broker or loan officer should be able to give you the details. Ask for a referral. Contact lenders in your area.  You should be able to find someone who is willing to work with you in obtaining a new loan.
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August 10 2013
You may qualify for FHA from fico scores between 500-579 with 10% down. You may qualify for FHA 3.5% down or even as low as half percent down payment program from a minimum 580 fico score to qualify up to 417k loan amount and minimum 600 fico score from 417k and maximum FHA loan limits per county. It only takes a few dozen questions to qualify in minutes...
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July 02 2013
If you have good income and some money for a down payment (10%) I have a product that goes to a 500 FICO.

here are the guidelines:

Credit Score / Loan To Value (LTV) restrictions:

Borrowers with a credit score ranging from 580-640 are eligible for maximum financing.

Borrowers with a credit score ranging from 500-579 are limited to 90% LTV

Borrowers with a credit score of less than 500 are not eligible for financing

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July 02 2013
Totally depends on why you have bad credit. If you can show you are a responsible bill payer and used to have good credit until a job loss or divorce. Then you just need a letter of explanation and you should be able to get a loan down to a score of 560.
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June 30 2013

I only do loans in California, but I am one of the few banks that can do FHA with a FICO < 580.  With a 580 FICO I can do as little as 3.5% down payment.  It is a good loan product, but best to discuss because I would need a full application and credit analysis (no charge).  I then would be able to tell you what you need to get into the loan program.  Best to reach me at [spam removed by Zillow moderator] and will be happy to help.  Or submit question and I will respond.

Here are some of the guidelines:

An FHA 30-year fixed, fully amortizing mortgage.

Eligible loan types:
Maximum Purchase LTV: 96.5%
Maximum Rate and Term refinance LTV: 97.75%

Ineligible loan types:
Cash-Out refinance
Streamline refinances (credit qualifying and non-credit qualifying)
Loans with subordinate financing

Credit Score / LTV restrictions:
Borrowers with a credit score ranging from 580-640 are eligible for maximum financing.
Borrowers with a credit score ranging from 500-579 are limited to 90% LTV
Borrowers with a credit score of less than 500 are not eligible for financing

There is no minimum loan amount requirement.

Maximum loan amount is limited to the local Statutory Mortgage Loan Limits as published by HUD Field Offices. The most current loan limits can be found at https://entp.hud.gov/idapp/html/hicostlook.cfm
 
Maximum loan amount: the lesser of $417,000 or county loan limits as determined above.

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June 20 2013
Not sure what program you are seeking but a min of 580 for FHA and around 680 for conventional.
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May 28 2011
You don't need any fico score with alternative credit to qualify for an FHA loan. You will need 10% down payment if your score is between 500-579 and we offer FHA CHF Access half percent down payment purchase loan for CA only with a minimum of 580 fico. I repair credit to get scores up quickly to get better financing rates and terms so let me know? I specialize in Under 640 Fico Score Loans for CA. I will only need a few minutes of your time to ask a dozen questions to pre-qualify you. Good luck.
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May 28 2011
Depends on your down payment amount, reserves and over all credit issues.
You should be able to get a loan, FHA is your best bet unless you or your husband have VA eligiblity.

Call if you have any questions.
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May 23 2011
Hi, per my husband it depends on the FHA Lender / Investor.

Typically most loan officers can easily get 640.  I do know depending on the FHA Lender you can go down to 680 but expect to pay a higher fee for this.

You may be served well by taking some time to see if you can improve your credit score a little youll get a better rate and less points.

One thing to always ask is about fees.  All loan officers charge different fees some are very high worth asking about.  
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May 23 2011
Straight FHA guidelines allow for 580 scores, and no scores (not bad, none).  10% down and clean pays for the last 12 months.  It's usually got to be something like a medical or a judgment that causes the low scores.  Late pays alone without a good reason won't get you into an FHA.  But it's possible.
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May 23 2011
Most require 620 credit scores regardless of your income; however there are some lenders who will take on credit scores less than that but the terms are not favorable. You can also get hard money with scores in the low 500's, but this is a short term solution and you need to make sure you have a solid plan to get rid of this type of a loan fast - gernerally within 24 months!
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May 16 2011
I have heard around 580 for a FHA.  Conforming will be around 630 to 650 and up.
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May 15 2011
Profile picture for Daniel1950
Most lender are scared because of the wild lending to anyone that was breathing got a loan for what ever amount they wanted. The  FBI is watching all loans, thing will get better.
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May 15 2011
Hi,

My husband is a mortgage broker in CA.  He said 640 is the lowest score you can have to do a traditional purchase.

I do know you can use private money if your score is lower than that.  You will pay a higher interest rate but those are typically interest only.  these are not designed to be long term loans.  You will need to put a down payment.  even if your home doesnt go up in value you should be able to refi into a better rate in 3 years.  
this allows you to get into a home keep your purchase price low enough where you can afford it, fix your credit and then refi as soon as your able. 

Or you could consider a lease option or assuming a loan.   make sure you do not buy more than you can afford. As long as you can afford the payment it doesnt matter if the value goes down.  

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May 04 2011
Wanna Buy22,
Good question.  That depends on your credit history in general.  Whats causing the Low score to be low?  Generally 580 is a low starting point.
I hope that helps
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March 05 2011

For FHA buyers, in the past FHA had no minimum FICO score. If a lender was willing to do the deal with a 500 FICO (and it met all other HUD guidelines) they could. However that has changed recently. For a buyer putting down less than 10%, which is the vast majority of FHA borrowers, there is now a minimum FICO of 580. Anyone lenders offering FHA to borrowers with scores below 580 are going to be required to put down 10%, if they can qualify at all.

http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2010/HUDNo.10-016

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March 03 2011
Locally, I am seeing FHA 3.5% down as low as 600 fico, with most banks at 620.  I have a lender doing in the low 500's, FHA with large down payment, ie. 10%.  This is a bank and not a broker.    The bigger picture is that if your score is lower than 600, their may be other factors aside from just the score that the bank will have an issue with.   I truly believe contacting a good mortgage professional for a credit consult can really answer a lot of questions, since everyone's situation can be unique.  Most  lenders here will do this for free.
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March 03 2011

Sunny,

You have your FHA (after short sale) facts wrong there. FHA requires a THREE year wait period after a short sale. Yes, they do make exceptions to that where a buyer can obtain FHA financing one day after short sale, but for those that don't meet the guidelines for that exception (99% of people that want to buyer after short sale) the wait is a full three years, not two.

Fannie/Freddie will allow a buyer to obtain financing two years after a short sale if they are putting 20% down however, but FHA is three years...

Sincerely,
Greg

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March 03 2011
That's not true, you wont have issues as long as your file is in accordance to ALL the lenders guidelines.

Lately, I have been seeing a lot of lenders start to send out marketing materials about lower scores coming, such as 580 minimum fico for FHA. I think the reason some lenders are easing up on credit score minimums is due to the fact that FHA will allow a person who foreclosed to buy again as long as they have 3 years seasoning. And people who have prior short sales on their credit history can buy after 2 years. We all know there were many foreclosures in 2008, so all those people who foreclosed and have jobs are going to be re-entering the market this year.

Direct Mortgage is one of them. Another lender who services lower score fico FHA loans is First Mortgage Corp.

But as Rudi pointed out, low scores means high rates and costs. So it would be cheaper for you to fix your credit and get a better rate than go through the hassle of trying to buy now with problems on your history.
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March 02 2011
I don't know a Lender out there that will take 640 or less.  Some say 620 FICo but I am at 640 on FHA, and 620 with more down payment.  You should speak to a professional who can pull your credit.
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March 02 2011
You can purchase VA REO's with a 600 credit score. I also do have a contact for a lender that will go down to 580, but looking into doing a rapid credit score recovery would be in your best interest. A higher credit score can help with everything. Any questions about my response you can [content removed by Zillow moderator due to spam. Please refer to our Good Neighbor Policy for more information.]
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February 13 2011
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