HOW LOW DO THEY GO THESE DAYS ? (credit scores for FHA and Conventional Loans)

[Nli810dBeauty]

Hello everyone. I am waiting on a Loan Officer to review my financials and give me a Pre-Approval letter. I checked my credit and I had a median score of 649, however, he stated his mortgage check showed I was at 609. HUGE Difference! He requires a median score of 640 for his lenders. Does anyone know of lenders that will take 609 or lower?  Any up-to-date information would be greatly appreciated. I'm in Dallas, TX.

[tooleman694]

Your looking at a 640 min for FHA and a 680 min for conventional.

[igids1]

Im going conventional with a 660. They told me they could go as low as 620. Its a local credit union and I am putting 25% down.

[jordanmedical]

FHA is 640 min, wow. I thought it was 620. The score requirements keep rising.

[jeffcasd]

FHA is 580 min but you will have a hard time even finding someone to do 620

[jeffcasd]

scratch that post i mis spoke i believe the min is 620

[tooleman694]

If you have 20 percent down, yes you can go conventional with a 620.

[Nli810dBeauty]

Thanks yall. I was getting excited bc I saw some posts in 2012 stating they got approved with 593 ect. I guess those days are long gone.

[joe12]

I believe there are a few lenders out there that will go as low as 580. First Guaranty Mortgage is one, and First Mortgage corp is another. On their website it says down to 500 scores for FHA.

[foofighter74]

You can find places that will go pretty low for FHA, but both the government, and the lender, are going to require a lot more money down on the house, and they'll probably need to see lots of reserves.  The lower your score, the more hoops you're going to have to jump through.