Posts: 8
Registered: ‎12-21-2009

FHA loan, 600 fico... need a lender

[ Edited ]

I've been a member of myfico for awhile and finally stumbled across the board,good reading!

Heres my scenario... I'm a first time homebuyer(25 years old) and I'm trying to buy my childhood home. My fico floats from 590-620. At the moment its 600. I'm expecting 3rd party approval by the end of january(house is in short sale) so I don't have the time to get above 620 even though I'm trying my best!... Can somebody point me in the direction of a lender that will approve me at 600? I have a decent income of $53,000+ that I've grossed every year the past 5 years with the same employer ... 3.5% down payment isnt a problem.  Heeeeelp

Message Edited by MrMaryland on 12-21-2009 12:12 PM
Regular Contributor
Posts: 202
Registered: ‎05-12-2007

Re: FHA loan, 600 fico... need a lender

I'm not sure you are going to find a lender that will approve you. Is there anything you can do to get your scores up? High credit card utilization that you can pay down? That's the only way I know of quickly raising your score. Good luck!
Regular Contributor
Posts: 213
Registered: ‎07-26-2009

Re: FHA loan, 600 fico... need a lender

I've heard that Bank of America has special programs.  Their minimum is 620 (as of November)--but there is a reference to special programs (which, I would guess, would mean higher interest rates and more points).  Perhaps you could talk to somebody there--who knows.  Don't allow them to pull your credit, though. 
Super Contributor
Posts: 6,178
Registered: ‎07-03-2007

Re: FHA loan, 600 fico... need a lender

any credit cards you can pay down



loan officer could do a rapid rescore with new balances


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