Just getting started, aiming toward homeownership

[Anonymous]

Hi there,

I have decided that I need to get my act together and see if I will ever be able to buy a place of my own.  Does anybody know the lowest FICO score that would qualify for an FHA loan?  Are any lenders these days open to a 610-620 range?  I have lots of baddies that are quite old, and have been paying on time on all current accounts for about two and a half years.   Do I have a snowball's chance in he!!?

Thanks for the advice. 

Laurel

EQ:611

TU:609

EX: 607

[Anonymous]

Oh and by the way, I make about $78,000 gross/yr.

[WannaHouse]

Welcome to the forums!

Yes, you do appear to have a fair chance of qualifying! I would try to get your scores up just a tad if you can, but I think you can qualify for FHA as is!!

Now, that does of course depend on what your overall DTI is.

I will find Shanes thread to help you post the answers that are needed to figure out where you stand.

[WannaHouse]

http://ficoforums.myfico.com/fico/board/message?board.id=loans&thread.id=26264

[ShanetheMortgageMan]

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@Anonymous wrote:

Hi there,

I have decided that I need to get my act together and see if I will ever be able to buy a place of my own.  Does anybody know the lowest FICO score that would qualify for an FHA loan?  Are any lenders these days open to a 610-620 range?  I have lots of baddies that are quite old, and have been paying on time on all current accounts for about two and a half years.   Do I have a snowball's chance in he!!?

Thanks for the advice. 

Laurel

EQ:611

TU:609

EX: 607

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There are still lenders doing FHA with a 580 score but each day a few more lenders are requiring a 600 or 620 minimum middle score.  What are your monthly payments?  Need to know that in addition to your income, and where you are buying would help too.