What are the chances?

[T50]

I was wondering if anyone had recently had a positive experience trying to get a mortgage with score less than 600?  I have come to realize that I might need to go un-conventional via 5 year arm.  Until a few years have passed and I can get an FHA loan.  Just curious if anyone has had any positive experiences, if so please leave contact information please.

[fused]

I'm going to move your post to the mortgage forum. Good Luck!!!!!!

[bigman023]

Try US Bank. They do sub-600 FHA loans.  But they require a 10% down payment.

[Anonymous]

Just saw a mortgage broker this week...I was advised that 620 middle score for FHA and 720 Fannie Mae(10% down) was it.  Something called Homepath requires 660 min middle score, no appraisal/no pmi, 3% down...but homes are foreclosure listed.  Anyway, since I had a short sale less than three years ago, HUD will not allow me to go FHA(I've got the score and the money!)...I will be sitting out for another a year.

[bigman023]

heres part of an email I got from US Bank last week.......

 I have outline our credit requirements below to help you determine if your
credit will be eligible.


Guidelines & Credit Score Less Than 600
        10% Downpayment Required for Credit Scores <600
        Zero late payments in the past 12 months on Installment Accounts
        Two 30 day late payments in the past 12 months on Credit Card Accounts
        No Collections or Charge Offs within 12 Months
        All Collections & Charge Offs must be paid  
            Monthly debt including new housing payment cannot exceed 45%
        of gross monthly income.
            Settlements on collections are Ok.
        Alternative Credit is acceptable

2 Years must have passed on Ch.7 Bankruptcy
3 Years must have passed on a Foreclosure and/or Short-Sale.