FHA Minimum Credit Score Question?

[rckstrscott]

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@adrian70 wrote:

Hello. I'm new to these boards... Just found them today. My question is to those who were able to purchase with a sub 620 score. As of today, my TU score is 641 and EQ is 571. What score do lenders typically use when deciding, such as Embrace home loans, to approve or deny a application? Thanks in advance!

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Because you cannot pull your Experian score from anywhere, I always assumed my lowest on here would be my lowest.. so I would assume your middle score is 571, although its likely your midscore is higher..

-scott

[adrian70]

Thanks for the replies. May be a dumb question, but how do you know which score is the middle one? Does anyone know why Experian won't release scores to the consumer?

[mwmiller82]

Bump

[UpmyscoreinFL]

I would like the contact information for embrace home loans and first outage corp. thanks

[JM-AM]

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@adrian70 wrote:

Thanks for the replies. May be a dumb question, but how do you know which score is the middle one? Does anyone know why Experian won't release scores to the consumer?

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Your Middle Score would be lower then your highest and higher then your lowest score! lol

Since it is difficult to get Experian score lets just use TransUnion and Equifax as examples...

TransUnion FICO score = 775

Equifax FICO score = 780

Using these FICO scores would put you in a worse case scenario of your FICO Middle score being 775.

[PA_NJ_LO]

Primary Residential Mortgage does FHA Choice loans down to the FHA minimum.  For credit scores below 580, the maximum loan to value is 90%.  In qualifying for an FHA Choice loan, the criteria is more about credit worthiness and lender risk, than the credit score number.  Items that work in the borrower's favor are: minimal derogatory account, well explained reasons for past credit issues, job and income stability and flawless credit for the past 6 months to a year.  DTI ratios need to fit into 29%/41% unless there are very strong compensating factors.

[c4sp14nx]

Sorry to reply to such an old post, but in case anyone else stumbles upon this after performing an internet search (as I did):

I just got off the phone with a loan officer at Embrace Home Loans, who told me that they now require a 660 in order to provide maximum funding on FHA home loans. Ouch.

[tooleman694]

That is weird, I would think with all the rules changing they were start to lower the score. If its gonna be a 660 to go FHA, I would wait out the 20 points and just go conventional.

[J_G]

I was reading alot about that company and they look like a scam! Be careful

[beverlyhillsrealestate]

You can get an FHA loan with under a 600 middle score with some lending institutions but not many. I would recommend finding a broker or service to help you locate a reputable lender that can approve your loan at a decent rate.