Credit Card Center Advertiser Disclosure†
04-09-2009 08:59 AM
04-09-2009 09:01 AM
Can you get a mortgage with a mid score of 580?
No you gonna need a 620. You might find a lo/broker that will tell you they can get you approved but most likely you will fall in the same boat as others who were told they could get approved. DENIED when the application went to the underwriter
04-09-2009 09:02 AM
08-10-2012 12:48 PM
Yes you can. Wells Fargo will do FHA below a 620, Quicken Loans goes down to a 580.
There are options.. I would call Wells and Quicken for a pre approval.
08-10-2012 12:57 PM
I was approved with a mid-score of 593. It can happen but you need to have a clean 12 months, good dti, and explanations for your low credit score.
08-10-2012 12:58 PM
http://www.structuredfinancenews.com/news/-216381-1.html - Wells Fargo info
http://www.quickenloans.com/blog/quicken-loans-lowers-minimum-credit-score-requirement-fha-loans - Quicken loans release
08-10-2012 02:07 PM
I was wondering this too. The lender I have been working with told me there is no way to get a FHA loan under a 640. It looks like it depends on the bank. Good info!
08-10-2012 08:57 PM
You can as low as 620! The builder im going to be working with will actually enter the purchase agreement and begin construction while you continue to improve your credit being that it takes about 4 months for completion of home! She says the builder will start at 580!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.