Zillow Advice: FHA Loans - Will i really qualify for a mortgage?

Scores between 575 and 630 ...

Thu, 25 Jun 2009 02:19:00 GMT

Scores between 575 and 630 is too wide of a range. If I were you, I would just apply with someone and get a solid response.

Good luck.

There is a "Portfolio" loan ...

Wed, 24 Jun 2009 19:49:00 GMT

There is a "Portfolio" loan program for borrowers with scores below the FHA "standard" of 620. The approval process is case-by-case and requires borrowers to have 12-24 months cancelled rent checks and absolutely No Lates within the last 6-9 months on Anything. Based on experience, approvals are being written for borrowers with a lack of credit and good balances and great income. Compensating factors are key with these loans. I hope this helps...

Get that middle score over ...

Mon, 22 Jun 2009 17:50:00 GMT

Get that middle score over 620 and you should be good to go with and FHA loan. There are "what if" simulators that some lenders have at there disposal that will allow them to give you a good idea of what is necessary to raise your scores above that level.

I would post a loan request ...

Mon, 22 Jun 2009 15:58:00 GMT

I would post a loan request on zillow and have one of the local mortgage consultant respond to you. This way, they can help in increasing your scores and answer any questions you may have.

Good luck.

Your score will cost you ...

Mon, 22 Jun 2009 03:50:00 GMT

Your score will cost you a decent amount in additional oint surcharges in most cases. Pricing is based upon the lower of the 2 borrower's middle credit scores. Dig into that stuff.... reach settlements, raise the scoer, get married, buy a home and live happily ever after. GF knows about score? My wife checked me like a proctologist before our marriage... :)