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New Member
Posts: 4
Registered: ‎08-27-2007
0

FHA LOAN

Hello,

 

My fiance and I submitted an offer on a condo and we're getting our loan application processed.  She has a 550 score and I'm at 710.  WIll it be difficult to get approved for a FHA loan?

 

Thanks

Super Contributor
Posts: 8,388
Registered: ‎09-28-2007
0

Re: FHA LOAN

Most FHA lenders require a 580 minimum score these days, however there are still a handful of lenders going down to the 500-540 level.  With a 540 the rates are over 7% vs. if you had a 620 it'd be low 6's.  Do you need your fiance on the loan to use her income in order to qualify?

 

Is the condo an FHA approved condo?

Valued Contributor
Posts: 1,450
Registered: ‎07-29-2008
0

Re: FHA LOAN

It will be a long process with that lower score - they will have to do a manual underwrite in most cases which takes a long time. They will be looking for recent credit - 12-24 months to make sure there is a current practice of paying things on time etc...

I would suggest letting the people on the offer know that it may take some time and ask for flexibility - if it doesnt work out you should get a pre-approval done on your credit before submitting anymore offers.

 

Good Luck

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Frequent Contributor
Posts: 393
Registered: ‎11-06-2008
0

Re: FHA LOAN

Can you qualify on your own?  I had to do this; my husband's score was 540.

 

To my great surprise, I closed a couple of weeks ago.  Get yourself a great LO.  Smiley Happy  They are out there! 

WOW! EQ when I joined myFICO: 657. Ups and downs and a few bumps and bruises, but finally back over 700. Whew!

Frequent Contributor
Posts: 370
Registered: ‎07-27-2008
0

Re: FHA LOAN

What lenders are qualifying for 500-550?

 

 

Super Contributor
Posts: 8,388
Registered: ‎09-28-2007
0

Re: FHA LOAN


anca21bi wrote:

What lenders are qualifying for 500-550?


 

Not many anymore, best bet is to go through a mortgage broker.

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