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At the bank I work for you would qualify with a 640, and we are considered to be very conservative. Depending on what baddies you have on your report, I think you will get an offer. Do any of your collections carry a balance?
For an FHA loan your ratios are fine. However, you have to check with your LO to see if their guidelines are any different.
I have mortgage bankers/correspondent lenders that use a 620 mid score all the time rather than 640. So it really does depend upon which lender you are using as they all have their own overlays. FHA sets minimum standards and the lenders can and do make those standards more restrictive. Each lender is different. Did your LO put your app through DU yet?
@StartingOver10 wrote:For an FHA loan your ratios are fine. However, you have to check with your LO to see if their guidelines are any different.
I have mortgage bankers/correspondent lenders that use a 620 mid score all the time rather than 640. So it really does depend upon which lender you are using as they all have their own overlays. FHA sets minimum standards and the lenders can and do make those standards more restrictive. Each lender is different. Did your LO put your app through DU yet?
+1. For example, we will go down to 580, but you will need four months reserves and a DU approval. Every lender has different overlays.