FICO for home purchase

[Anonymous]

Okay, I think I've been asking the WRONG questions here (at least, I HOPE so!).

We have low FICOs (median is 578, but expected, as re the FICO score simulator, to be up to the mid to high 600s in the next 3-4 months), with recent lates as recent as 3 months ago.

So my question is this (which I think may be a lot simpler than asking "will we be approved with blah, blah and blah on our CRs?"): What is the LOWEST FICO score that will net an automated approval ('cause I know with lates, we'd never get manual)?

FICO sim predicts us at 620 by next month (median), and 670 by September/October.

Will that get us in? Or will we have to wait until we hit the 700 club (which I assume will take much longer, considering the recent lates)?

[Anonymous]

Also, and this is probably a mega-dumb question, but does anyone know of ANYONE who still does subprime mortgages? And by that I mean a lender who won't take the lates we have with much weight?

[DallasLoanGuy]

i have seen 580ish get approved automated.

it is just one factor though.

580 with tons of reserves can get approved over 650 and $100 in the bank.

[Anonymous]

my mid is 590 and could be close to 620 or more within the next few mths, i'm pretty strong in the other areas, no reserves, and lates within the last 3 mths....think i could get automated???  it's probably a pretty far stretch, but thought i'd ask anyway...

[DallasLoanGuy]

moderate score and no reserves wih lates. yes, that is a stretch.

large down payment would cure some or most of that.

without, i dont give it much of a chance.

sorry.

still, it is free to apply