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FHA 203k loan

New Member

FHA 203k loan

I am looking for a lender who can do an FHA 203k with mortgage FICO scores of: 609, 624 and 587. I have plenty of assets and a low DTI. I would appreciate any recommendations! 

Message 1 of 4

Re: FHA 203k loan

Any lender can do a 203k with your credit scores, but the challenge is that your down payment will increase. 

You'll need a minimum of 620 (but most likely 640) to get an FHA 203k loan (or any FHA loan) with 3.5% down payment. 

Credit scores lower than 620/640 will require 10% down payment and higher interest rate. 

Hope this helps! 

Message 2 of 4
New Visitor

Re: FHA 203k loan

This answer is incorrect.  The only time you need to put down 10% is when the score is under a 580.  

Message 3 of 4

Re: FHA 203k loan

you may be correct according to HUD Handbook 4000.1 but in real practice, I don't know any lenders who will do 3.5% down payment with 580 score. 

Message 4 of 4
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