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

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

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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

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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)

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.

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!!!

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

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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.   

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

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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.   

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

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.

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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

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***Closed on my home 05/18/2012***

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.

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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