Sub 620

[Anonymous]

Does anyone know of any lenders who will still do a sub-620 FICO FHA loan? I've come along way in the last few years (460-480) and right now have a TU FICO of 634, Equifax 618 and Experian I don't know. I am hopeful that either Experian is above 620 or the score the lenders pull will be above 620, but I'm just trying to gather a list of lenders who still loan in the 600-620 range. I figure I'm better off to just apply with them.

I know of American Financial Resources, Mid-Island Mortgage, and possibly Bank of America. Anyone know of any others?

If it matters, income $5,063/month. Plus overtime. Can show an average from the last two years of 3.4 hours per week. Realistically it's more like 7/per week, but 3 is fine. Only debt is $177 in student loans. No collections, no lates in 2+ years. Never a judgment, foreclosure or bankruptcy. 5 or 6 charge offs all from just under 5 years ago.

Also, I'm in Massachusetts. I'm thinking I should just go into BOA and sit down with their mortgage guy and see what happens, but I really don't think I should, um.. "put all my eggs in one basket" as they say.

Thanks

Message Edited by ryan1984 on 01-09-2010 08:58 PM

[Anonymous]

I've heard of US Bank and Coldwell Banker going down to 600 recently.  Congrats on rebuilding, keep at it!

[Anonymous]

Thanks, I forgot about U.S. Bank. I will look into tthem. Never heard of Coldwell going that low, but will check tthem out too, thanks.

[tatas]

Have you paid the charge off's...iam kinda in the situation.

[Anonymous]

only two charge off's show a balnce, the others have $0 balances. I have not paid any, but could pay the two if needed.

[Anonymous]

I've been searching, but can't find anything about a minimum FICO for Coldwell. Can anyone else verify that they will lend down to a 600 for FHA?

[Anonymous]

most of the bans don't list an absolute minimum score.  It is still file driven.  Alot of times when you hear of people who are getting sub 620 loans this is why/how they are getting the loans.  Maybe they have higher down payment, huge reserves, really low DTI, compensating factors for the low FICO that can be explained, etc.   

[Anonymous]

I understand that. But I also know that a lot of banks have cut offs, where they will not lend regardless of the file, below a certain score. I'm trying to figure out these scores so I can not be wasting time applying somewhere we're I'll be denied regardless.

[Anonymous]

What I was trying to say is that the info you are looking for probably does not exist.  Banks that are lending below the 620-640 mark probably are doing so on a case by case basis for the most part, not as a broad policy.  So a list of people who have gotten loans through banks with sub 620 scores would probably need to be qualified by any extenuating circumstances that may have affected that decision, etc.  For example, there have been alot of links about BofA doing sub 620 loans, but also alot of people getting turned away from these companies.  To get a true answer you would need to ask who has recently gotten a loan with x score under x circumstances, etc.

Either way, best of luck with finding a loan.

[Anonymous]

ryan1984,

Your scores sound simular to mine,  I've been rebuilding for over two years.  I just had my Credit pulled by my lender and Experian was 685!  TU 630 and Equifax 614.  I was preapproved!  I would just go for it if I were you.  Besides this way you would know what your Experian Score is, and you'll know how to play it from there.