Minimum Scores for Lenders?

Mellochick · ‎04-07-2014

Does anyone know the current minimum score for the following lenders: I am trying to get an FHA 203k Streamline Loan

Bank of America

Wells Fargo

Chase

or any others that offer low credit scores???

ShanetheMortgageMan · ‎04-07-2014

If your scores are low you probably would have better luck going through a mortgage broker who'd have a lot of lenders who'd cater to lower credit scores.

Not sure what the minimum scores are for BofA or Chase, other than I know Wells Fargo can go down to a 580 or 600.

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lesse · ‎04-07-2014

spoke with both wells fargo and BOA and BOTH advised me the wont go lower than 640 for FHA- i was at a 635 and have relationships with both and both denied

START (FICO): 1/28/2013 EQ: 499 EX: 558 TU: 536
Lender Pull:
UPDATED SCORE 10/2015: EX: 763 TU: 709 EQ: 720

GOAL 800 Across the board
Wallet:Credit One $600; NFCU (secured- Changed to unsecured) $7500; NFCU (Unsecured)$500- increase to $12,500 BOA: $1000 Home Depot/Lowes $800 each Childrens Place $350 Sams Club $800
Garden Time

J_G · ‎04-07-2014

Go through a Broke! I was denied by WellsFargo and then approved through Broker the next week! I am closing on my home 4/17/14 You can still get a home!

7/1/13 - EQ = 593 TU = 578 EXP = 573 FICO
8/11/13 - EQ = 600 TU = 590 EXP = 603 FICO
10/1/13 - EQ = 611 TU = 689 EXP = 605 FICO
12/4/13 - EQ = 625 TU = 648 EXP = 604
Lender Pull 2/18/14 - EQ = 630 TU = 678 EXP = 594
Lender Pull 2/28/14 (EQ 640) (TU 660) (EX 655) Rapid re-score =)
9/30/14 - EQ = 660 TU = 710 EXP = 669

Mellochick · ‎04-08-2014

Do any of you know a broker who would work with me in Ohio?? How did you go about finding a broker?

lesse · ‎04-08-2014

Try googling mortgage broker in your area and talk to a few to see who you want to go with.

START (FICO): 1/28/2013 EQ: 499 EX: 558 TU: 536
Lender Pull:
UPDATED SCORE 10/2015: EX: 763 TU: 709 EQ: 720

GOAL 800 Across the board
Wallet:Credit One $600; NFCU (secured- Changed to unsecured) $7500; NFCU (Unsecured)$500- increase to $12,500 BOA: $1000 Home Depot/Lowes $800 each Childrens Place $350 Sams Club $800
Garden Time