Valued Member
hendersj31
Posts: 42
Registered: ‎09-18-2012
Re: FHA Mortgage Lenders under a 620 credit score

PM me and I will give you a lender who claims to do FHA down to 560 scores.  I am not sure if he operates in your state or what the limitations, if any are.  I am in Texas

New Contributor
justjunie928
Posts: 73
Registered: ‎07-29-2012
Re: FHA Mortgage Lenders under a 620 credit score

@hendersj31 - I am in the DFW area, can you PM me the lender information.  thanks

Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
Re: FHA Mortgage Lenders under a 620 credit score

hendersj31 wrote:

PM me and I will give you a lender who claims to do FHA down to 560 scores.  I am not sure if he operates in your state or what the limitations, if any are.  I am in Texas


only thing with that is you have to have a 580 and above for 97.5% LTV (3.5% down) whereas below 580 is 90% LTV (10% down)

ccpics2.jpg
New Visitor
lucieprequalifies
Posts: 3
Registered: ‎11-02-2012
Re: FHA Mortgage Lenders under a 620 credit score

Most of us (lenders) have access to that program nationwide. The difference is the down payment will be 10% for anything under 600 and the rates are higher than the published FHA rates.

Frequent Contributor
Catacam
Posts: 491
Registered: ‎02-06-2012
Re: FHA Mortgage Lenders under a 620 credit score

10% for anything under 580. I closed with 3.5% at 593. The banks do have additional overlays for people with lower score. We had to pay an additional .25% because our score was under 620.

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Valued Member
asp123
Posts: 47
Registered: ‎10-11-2012
Re: FHA Mortgage Lenders under a 620 credit score

Also check to see if your state offers any assistance to FHA buyers for the down payment requirement. I closed last August here in Alabama and the state funded program financed my down payment requirement.   


Starting Score: 9/2012 - 609
Current Score: 11/9/2012 TU 620 11/9/2012 EQ 591
Goal Score: 700


Take the FICO Fitness Challenge




Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011
Re: FHA Mortgage Lenders under a 620 credit score

asp123 wrote:

Also check to see if your state offers any assistance to FHA buyers for the down payment requirement. I closed last August here in Alabama and the state funded program financed my down payment requirement.   


Some of these programs require a min credit score and income limit...

ccpics2.jpg
Frequent Contributor
MissMia75
Posts: 389
Registered: ‎05-02-2011
Re: FHA Mortgage Lenders under a 620 credit score

I closed on my mortgage with FGMC on 05/18/2012 and my middle score was just at 580.  I put the standard 3.5% down as per FHA's requirements and have a relatively low interest rate.  So it could be done as I am a prime example.  There are several of us who were funded through FGMC here on this site and we all were given interest rates at the current market value.


Starting Score: 06/2011 505 EX 523 Lender Pulled
Current Score: 08/2011 628 EX 575 Lender Pulled
11/14/2011 TU 584

Goal Score: 700


Take the FICO Fitness Challenge
***Closed on my home 05/18/2012***


New Member
sba301724
Posts: 3
Registered: ‎03-16-2011
Re: FHA Mortgage Lenders under a 620 credit score
Missmia75 would you mind messaging me the contact information of the broker you used please?
Valued Member
asp123
Posts: 47
Registered: ‎10-11-2012
Re: FHA Mortgage Lenders under a 620 credit score

Yes, the state programs will have requirements for credit score.  They are a good source for people with low to median incomes though.  I was making $50,000 a year at the time and I was approved.


Starting Score: 9/2012 - 609
Current Score: 11/9/2012 TU 620 11/9/2012 EQ 591
Goal Score: 700


Take the FICO Fitness Challenge