Getting approved with a lower score

[Anonymous]

Hi, in response to this, how did you get a preapproval with a 605? What lender was this? I am trying to get a preapproval while working on improving my credit and can't get one. Crazy thing is, I got one a few years ago but now I can't, maybe the requirements have changed? At that time I decided I was not ready to buy but now I am and the market is low and of course I can't get approved. Help please?? and thank you!

[llecs]

Hi frustrated64, I split your post to form a new thread here. Bumping for others.

[ShanetheMortgageMan]

Lending guidelines certainly have changed a lot in the past 3 years.  They went from a little more strict than they were just a year or two before that, to extremely strict, and in the last ~90 days I've seen many lenders ease up on their guidelines and score requirements.  Still most lenders are looking for 620-640 scores for their loan programs, below that can qualify but it's highly suggested you work on your situation so you aren't just at 1 lenders whim on if they can do your loan or not.  You may or may not have noticed the stickied posts at the top of the forum, Do I qualify for a mortgage? Info that is needed goes over the information that is needed to be known.

[Anonymous]

I've heard that Wells retail does FHA down to 600 now and down to 500 with tighter DTI and downpayment requirements.   I just wonder if this is to get people in the door or if they are actually funding these loans.