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Lenders Approving FHA with 620 (under 640)?

Established Contributor

Lenders Approving FHA with 620 (under 640)?

There has been chatter on the board about some lenders dropping FHA minimum score requirements from 640 to 620 in the last few months, but does anyone know which lenders are now accepting down to 620? Any nationwide lenders that operate in Ohio?

 

Thanks!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
12 REPLIES
Established Contributor

Re: Lenders Approving FHA with 620?

Bump... anyone?

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Frequent Contributor

Re: Lenders Approving FHA with 620?

First Guarantee Mortgage is a national lender and goes down as low as 580.  I am using them for my loan. 

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club
Established Contributor

Re: Lenders Approving FHA with 620?

This company?? http://www.fgmc.com/

 

 

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Regular Contributor

Re: Lenders Approving FHA with 620 (under 640)?

There are a number of lenders that will do FHA down to 620...even in Ohio Smiley Wink

Frequent Contributor

Re: Lenders Approving FHA with 620?


MBOhio2 wrote:

This company?? http://www.fgmc.com/

 

 


Yes, this is the company.

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club
Super Contributor

Re: Lenders Approving FHA with 620?

 

FHA is 580

 

lenders add their own guidelines and some will go that low.

 

rates might vary. and underwriting will be tougher.

 

if you have time to get the scores up a bit you will have a smother transaction

Retired Lender
New Visitor

Re: Lenders Approving FHA with 620 (under 640)?

[Lenders] will go to 620 but generally 640 fico.

 

Established Member

Re: Lenders Approving FHA with 620 (under 640)?

Provided everything goes well tomorrow morning and I get keys in my hand, I'm going to have a very long post regarding closing through Wells Fargo with a 621 fico posted tomorrow.  Stay tuned.

Valued Member

Re: Lenders Approving FHA with 620 (under 640)?

I am working with Franklin American, they only required a mid score of 620.


Starting Score: 611
Current Score: TU 674, EQ 625
Goal Score: 850


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