Mid 590 credit score and Need FHA Loan

[Anonymous]

Hi . Not sure who this Shane guy is but . I can use some help. I have a mid 590 credit score and would like to apply for a fha loan . Any advice?

[frugalQ]

ha ha...shane pops his head in here frequently and provides much needed answers from a mortgage lender's perspective.

[Lemmus]

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@Anonymous wrote:

Hi . Not sure who this shane guy is but . I can use some help. I have a mid 590 credit score and would like to apply for a fha loan . Any advice?

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...hi crystaltab ...best thing to do is not get lost in this thread ...start a new thread "mid 590 credit score and need fha loan" ...you'll get much better results ...hth

[Kenny]

Branched you off a new thread so you might get the advice you need! Best of luck!

[Anonymous]

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@Anonymous wrote:

Hi . Not sure who this Shane guy is but . I can use some help. I have a mid 590 credit score and would like to apply for a fha loan . Any advice?

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Hi Crystal! Welcome to the forums.

FHA's minimum credit score requirement is 580 w/ 3.5% down or 500 w/ 10% down.

Many lenders have overlays (stricter requirements) that require 620 or above. The best thing you can do is ask for a local realtor's advice on which lenders they have had success working with (especially when dealing with a client with a lower credit score). Get a list of few different lenders because many may not take scores below 620, and the realtor may not always know each lender's restrictions. Finally, call the list of lenders and see which one you feel best about! Rates are important, but service, ability to close a loan, and level of comfort with your lender are equally important.

Hope this helps, and good luck!