Q: I am interested in an Fha home loan,but im told that the minimum credit score is 620,but which score do they go by,i have 3 different scores.
A: The middle of all 3 must be 620,You will not get a mortgage if with a 550 credit score, which is regarded as being poor. You will need a score of at least 620 for an FHA loan. FHA has no minimum credit scores; however, Most of company will NOT do any FHA loans unless you have atleast 620. You will have to ask different lenders if they have a min. credit score. Actually,the FHA imposes NO certain score- they have no minimum. its the lender’s personal choice as to what score they will accept. in general its 620 for an automatic underwriting and 580 for a manual underwriting.
Mortgage loans with credit score under 600?
Q: Me and my husband are searching for home loans (were first time home buyers) but I discovered our credit scores aren’t the best (both of ours are under 600). I keep getting rejected for the FHA loan because they require a minimum of 600. Does anyone know of a legit loan that requires a lower credit score
A: Some lenders can do FHA under 600. Bank of America is one of them. You’re seriously interested feel free to email me and I can give you my office line. Its not a guarantee but I’ve gotten approvals around 550 a number of times
Options for credit score is now at 619?
Q: I am looking to buy a house through FHA and when my broker checked my score in May my Experian credit score was 635 when we checked it last week it had dropped to 611 but after further investigation we found a mistake and after harassing HSBC for days they finally fixed the mistake. So my broker pulled my credit score again and it went up to only 619. I need a middle score of 620 to qualify for an FHA. My other scores are 643 and 607. Do I have any options to get around this 620 minimum?
A: 620 is the minimum. There is no way around it. And some lenders are pushing that minimum even higher. Last year this time, the minimum score was 580 for FHA.
If you did not get your own copy of your report, that’s the 1st thing you must do. Always check your own credit before trying to buy a house.You can get a free copy from all 3 bureaus at www.annualcreditreport.com.
Under the new Federal law, you can access your report free at this site once per year from each bureau. In some states, you have even more rights.Get the report, look at it and see what’s going on
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