Mortgage Loans

[SassyGirl5401]

I talked to the lender this afternoon and my husbands middle range credit score is 602, mine is 651. This particular company does not approve loans credit scores below 640. We have a road map of how to raise his score, its just going to take a little bit of time (which thankfully we have).

I know that FHA loans have a minimum credit score requirement of 580, to your knowledge, are there lenders out there who are willing to approve a loan with a score below 640? Not asking for specific lenders just wanted to see if it is in my interest to talk to other lenders.

Thanks!

[boomhower]

Many will go below 640.  A lot cut off at 620.  Others will go down to ~600 but that's pushing it.

[Catacam]

We are using First Mortgage Corporation and so far so good.

A few here have used First Guarantee Mortgage and have successfully closed.

It is a bit tougher to get through underwriting with these folks, but it can be done depending on what your file looks like!

[Familywantsahouse]

Our LO said a firm 620, and there would be hoop jumping even at that score.

I do have a client who's husband's middle score is a 600 and they were going to go through Wells Fargo, but the deal fell apart not due to financing but due to a problem with the for the seller's weren't going to fix...They do need an exception at wells fargo for under 620.

[SassyGirl5401]

Thanks for the info everyone! I did do research last night and found that Wells Fargo may do a loan under 600. I think for now we are just going to see what we can do to get my husbands score up to 640. It will be worth it having a better interest rate and neither one of us will look backing saying we wish we hadn't paid down those debts.

[MarineVietVet]

Hi pilarstacy and welcome to the forums.

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[webhopper]

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SassyGirl5401 wrote:

Thanks for the info everyone! I did do research last night and found that Wells Fargo may do a loan under 600. I think for now we are just going to see what we can do to get my husbands score up to 640. It will be worth it having a better interest rate and neither one of us will look backing saying we wish we hadn't paid down those debts.

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That sounds like a really wise choice...  you could save yourself a lot of money...  Patience is a wonderful thing, and you seem to have it in spades..  A lot of people on this forum could learn a lot from you.