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Established Contributor
Posts: 955
Registered: ‎02-07-2011
0

Lenders Approving FHA with 620 (under 640)?

[ Edited ]

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
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Established Contributor
Posts: 955
Registered: ‎02-07-2011
0

Re: Lenders Approving FHA with 620?

Bump... anyone?

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Frequent Contributor
Posts: 292
Registered: ‎01-05-2010
0

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
Posts: 955
Registered: ‎02-07-2011
0

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
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Regular Contributor
Posts: 188
Registered: ‎05-26-2010
0

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
Posts: 292
Registered: ‎01-05-2010
0

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
Posts: 7,356
Registered: ‎07-03-2007
0

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

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

New Visitor
Posts: 1
Registered: ‎12-14-2011
0

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

[ Edited ]

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

 

Established Member
Posts: 10
Registered: ‎07-06-2011
0

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
Posts: 34
Registered: ‎10-31-2011
0

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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