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Many come here to find out if there lower scores would qualify (under 640).
May be worth trying to keep these lower approvals in one thread for others to find easier.
While I know there are still some being approved with scores as low as 580 but is rare even in these threads.
I thought it may be possible to list down the Bank and or Mortgage Company, and which Loan Program (Conventional, USDA, FHA, etc etc...) you were approved through and if you applied through LO (Loan Officer in Bank) or Broker.
This is an Example Only;
Credit Score: 600
Type of Loan: FHA
Bank: CitiMortgage
Applied: Broker
This may help many who come and visit the forums.
If any one can think of anything else that should be added please feel free to let us all know.
I'd like to see the terms of financing as well, like in the auto forum. Points, cash out of pocket, payment, APR, etc...
It might help to put in the down payment percent required. I know that FHA only requires 3.5%, but when you get to the lower scores, some of the lenders will require a larger down payment, sometimes 5% or 10%. This way we can see if there is some sort of pattern, like 5% below 640 and 10% below 600 (just an example).
BTW, great idea for a thread!
Here is our situation
Credit Score, ME 526, 593, 614 DH 645, 665,677 - They Used my mid, 593
Type of Loan: FHA
Lender: First Mortgage Corporation
Rate: 4.5 (we went with a higher rate so we could have less down to the table
Term: 30 years
List Price: $274,500
Contract: $271,500
Down Payment: Exactly 3.5% $9502.50
It was a painful process, but not entirely due to my scores. Builder has been a pain... Our lender didn't require anything crazy for conditions but they are incredibly slow.
YES!!! this is perfect! I have been reading at least a 1000 posts trying to find those who have gotten approved with lower scores. We arent going to start really shopping for a mortgage until the first of the year so hopefully we will be in a better place by then score wise, but just in case I'd like to knwo my options.
Credit Score, 665, 654, 672 - They Used my mid, 665
Type of Loan: USDA
Lender: NationStar
Rate: 3.5
Term: 30 years
List Price: $149,900
Contract: $148,000
Down Payment: Exactly 0%
Seller's closing contribution : $3,500
Appraisal: 149,000
@glendazamot wrote:Credit Score, 665, 654, 672 - They Used my mid, 665
Type of Loan: USDA
Lender: NationStar
Rate: 3.5
Term: 30 years
List Price: $149,900
Contract: $148,000
Down Payment: Exactly 0%
Seller's closing contribution : $3,500
Appraisal: 149,000
I think the thread is for people who closed on loans with a sub-640 credit score.
Thank you fo sharing, please continue to provide this information. I have a middle score of 629 and would like to see if someone out there was able to get a pre-approval with this score. Thanks!