Success Stories with FHA and Low Fico Score

[Anonymous]

Hi:

I am applying for an FHA loan, my income is good ($210k) combined, however, my FICO score is really low 550.  I was wondering if any one got approved with such a low score. 

[a0034d]

I'm not sure about 550 but we purchased a home (using FHA) this year and our scores were something like: 590/620/580. I'm not sure how that 620 got there but we weren't complaining.

My LO said if it would have been lower he could have gotten it approved another way. I think an underwriter would have had to actually look at everything and give us an approval. He said we would have had to put 5%-8% down instead of 3% if we had to go that route.

I'm sure someone else will have a better answer for you. Good luck!!

[ShanetheMortgageMan]

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Godisable wrote:

Hi:

I am applying for an FHA loan, my income is good ($210k) combined, however, my FICO score is really low 550.  I was wondering if any one got approved with such a low score. 

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As long as you have clean credit for 12 months you should be OK.