topic Just getting started, aiming toward homeownership in Mortgage Loans

Just getting started, aiming toward homeownership

Anonymous — Sun, 01 Feb 2009 19:50:10 GMT

Hi there,

I have decided that I need to get my act together and see if I will ever be able to buy a place of my own. Does anybody know the lowest FICO score that would qualify for an FHA loan? Are any lenders these days open to a 610-620 range? I have lots of baddies that are quite old, and have been paying on time on all current accounts for about two and a half years. Do I have a snowball's chance in he!!?

Thanks for the advice.

Laurel

EQ:611

TU:609

EX: 607

Re: Just getting started, aiming toward homeownership

Anonymous — Sun, 01 Feb 2009 19:52:21 GMT

Oh and by the way, I make about $78,000 gross/yr.

Re: Just getting started, aiming toward homeownership

WannaHouse — Mon, 02 Feb 2009 01:08:21 GMT

Welcome to the forums!

Yes, you do appear to have a fair chance of qualifying! I would try to get your scores up just a tad if you can, but I think you can qualify for FHA as is!!

Now, that does of course depend on what your overall DTI is.

I will find Shanes thread to help you post the answers that are needed to figure out where you stand.

Re: Just getting started, aiming toward homeownership

WannaHouse — Mon, 02 Feb 2009 01:09:40 GMT

http://ficoforums.myfico.com/fico/board/message?board.id=loans&thread.id=26264

Re: Just getting started, aiming toward homeownership

ShanetheMortgageMan — Tue, 03 Feb 2009 04:59:18 GMT

@Anonymous wrote:
Hi there,

I have decided that I need to get my act together and see if I will ever be able to buy a place of my own. Does anybody know the lowest FICO score that would qualify for an FHA loan? Are any lenders these days open to a 610-620 range? I have lots of baddies that are quite old, and have been paying on time on all current accounts for about two and a half years. Do I have a snowball's chance in he!!?

Thanks for the advice.

Laurel

EQ:611
TU:609
EX: 607

There are still lenders doing FHA with a 580 score but each day a few more lenders are requiring a 600 or 620 minimum middle score. What are your monthly payments? Need to know that in addition to your income, and where you are buying would help too.