Profile picture for Alex Munoz

Alex Munoz

Lender

Loan Officer (11 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
HARP 2.0, FHA, VA, Jumbo Loans

Advice

  • (121 Contributions,
  • 3 Best Answers,
  • 13 Helpful)

Contributions are sorted newest to oldest.

City Assistance

Answer

Unfortunately, no.  For help from any City or County, you'll need a much higher credit score; typically above a 680.  For the FHA loan, most lenders require a minumum FICO score of 640.  Speak to a loan officer licensed in your state and work on bringing that credit score up.   

  (0)
Percentage of down payment?

Answer

Hi there - you do have other options besides an FHA loan.  As long as you meet the credit score and debt to income requirements, you may qualify for a conventional loan with 5% down. The monthly mortgage insurance is virtually half of that of an FHA loan.  Best of luck!

  (0)
Mid score of 606. Any hope of obtaining an FHA loan?

Answer

Sorry to hear that.  There are a few lenders out there that will work with a 600 Fico, but many times they'll have additional requirements and overlays.  Your best bet would be to work on getting your credit score above a 640. You're not too far off and you'd be supprised how quickly it can be done. 

  (0)
Are there lenders that do FHA mortgage on 600 score?

Answer

Luckily, there are a few lenders out there that will work with a 600 Fico.  I don't know of any that I can recommend though.  Your best bet would be to work on getting your credit score above a 640.  It'll help you tremendously with pricing and cost. 

  (0)
my middle score is 554 can i buy a house?

Answer

Unfortunately, no.  A 554 middle FICO will not suffice to qualify for an FHA or Conventional loan (shoot for a 640).  Nonetheless, don' t let that deter you.  Start working on bringing your score up by having a loan officer review your credit report and identify areas to improve.  It may take a few months, but it'll give you a chance to be better prepared. Best of luck.

  (0)
Refinancing Mortgage?

Answer

Deefavcuz-Look into refinancing into a conventional loan as well.  MI is virtually half of what it is on an FHA loan, with no upfront mortgage insurance premium either.  Depending on your scenario, the rate can be in the 3-4% range.   Compare both in detail.

  (0)