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New Member
AmandaSD
Posts: 8
Registered: ‎02-26-2009
0

FHA min fico score

I contacted my lender bc we are in the process of trying to get preapproved for a house.  I asked him about the info I am seeing about the 620 min fico score for FHA loans and he said he has lenders that will loan as low as 580 ficos.  So do not be discouraged if you do not have that score of 620 yet!  We are working hard to raise our score but are still trying to get approved right now, sitting at 600 and 609...and its looking promising. *fingers crossed* But I just wanted to let you all know that was what we were told by our lender.  Good luck!
Senior Contributor
mickie08
Posts: 3,299
Registered: ‎04-22-2008

Re: FHA min fico score

There are still people doing under 580, but the problem is that they are getting pushed by FHA to change that.  So, anyone not already in process on a deal/close to closing a deal stands a good chance of a denial down the road even if they are approved right now.  Several people here on the boards have lost deals or been sent scrambling for financing when the lender they used changed their guidelines.  The Brokers often times do not have prior warning when the investors/buyers are going to change their mind.

 

Either way good luck with the hosue hunting and credit repair. 

Established Contributor
ladyofnight
Posts: 602
Registered: ‎02-06-2009
0

Re: FHA min fico score

I was under the impression FHA couldn't require credit scoring, so how is it they're the ones pushing for the increase?
Valued Member
nervous
Posts: 29
Registered: ‎01-24-2009
0

Re: FHA min fico score

My husband and I just got (last Friday), final loan approval for our mortgage.  We got an FHA loan at 5.375% for 30 years fixed with 3.5% down.  My credit was good.  My husband's middle score was 592.
New Member
ChristybClark
Posts: 1
Registered: ‎02-23-2009
0

Re: FHA min fico score

What company did you go through? 
Valued Member
nervous
Posts: 29
Registered: ‎01-24-2009
0

Re: FHA min fico score

National City Mortgage
Regular Contributor
teton
Posts: 242
Registered: ‎07-23-2008
0

Re: FHA min fico score


nervous wrote:
National City Mortgage

Did you pay any points?

Senior Contributor
mickie08
Posts: 3,299
Registered: ‎04-22-2008

Re: FHA min fico score

FHA can not require a minimum credit score.  they can recommend to buyers/investors/banks what they feel is reasonable risk on loans.  This is what they have done.  Given the turmoil in the markets, everyone is going along with it.  Although not impossible to get a sub 620 FHA loan right now, I personally would not hold my breath until I was closed due to the changing market conditions.  It is worth a try, but it there is a good chance that between now and when a loan closes, the tighter restrictions could be put in place by whichever broker/bank you are using.
Valued Member
nervous
Posts: 29
Registered: ‎01-24-2009
0

Re: FHA min fico score

yes, i paid 1.5 points.
Super Contributor
DallasLoanGuy
Posts: 6,187
Registered: ‎07-03-2007
0

Re: FHA min fico score


ladyofnight wrote:
I was under the impression FHA couldn't require credit scoring, so how is it they're the ones pushing for the increase?
 
they dont
 
lenders can add to the requirements though
 
these sub-620 deals are expensive and had to get thru underwriting.
be patient.
 
 

 




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